Working Paper Series, Department of Economics, Copenhagen Business School
Steffen Andersen, Glenn W. Harrison, Morten Igel Lau and Elisabeth E. Rutström
Behavioral Econometrics for Psychologists
Abstract: We make the case that psychologists should make wider use
of structural econometric methods. 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.
Keywords: na; (follow links to similar papers)
JEL-Codes: C01; D03; (follow links to similar papers)
49 pages, January 1, 2007
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