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Behavioral econometrics for psychologists

Lookup NU author(s): Professor Morten Lau

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Abstract

We make the case that psychologists should make wider use of econometric methods for the estimation of structural models. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these models have been developed for a wide range of behavioral models of choice under uncertainty. We explain the components of this methodology, and illustrate with applications to major models from psychology. The goal is to build, and traverse, a constructive bridge between the modeling insights of psychology and the statistical tools of economists. (C) 2010 Elsevier B.V. All rights reserved.

Publication metadata

Author(s): Andersen S, Harrison GW, Lau MI, Rutstrom EE

Publication type: Article

Publication status: Published

Journal: Journal of Economic Psychology

Year: 2010

Volume: 31

Issue: 4

Pages: 553-576

Print publication date: 01/08/2010

ISSN (print): 0167-4870

ISSN (electronic): 1872-7719

Publisher: Elsevier

URL: http://dx.doi.org/10.1016/j.joep.2010.03.017

DOI: 10.1016/j.joep.2010.03.017

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