Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Economics

No 04-2009: Behavioral Econometrics for Psychologists

Steffen Andersen (), Glenn W. Harrison , Morten Igel Lau and Elisabet E. Rutström
Additional contact information
Steffen Andersen: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Porcelænshaven 16A, 1., DK-2000 Frederiksberg , Denmark

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

Keywords: psychology; econometrcis; behavioral models

JEL-codes: C01; D03

74 pages, April 1, 2009

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