Arbeitspapier
Behavioral economics as applied to firms: A primer
We discuss the literatures on behavioral economics, bounded rationality and experimental economics as they apply to firm behaviour in markets. Topics discussed include the impact of imitative and satisficing behavior by firms, outcomes when managers care about their position relative to peers, the benefits of employing managers whose objective diverges from profit-maximization (including managers who are overconfident or base pricing decisions on sunk costs), the impact of social preferences on the ability to collude, and the incentive for profit-maximizing firms to mimic irrational behavior.
- Language
-
Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 2937
- Classification
-
Wirtschaft
Market Structure, Pricing, and Design: General
Firm Objectives, Organization, and Behavior: General
Business Objectives of the Firm
- Subject
-
behavioral economics, firms, oligopoly, bounded rationality, collusion
Verhaltensökonomik
Unternehmenspolitik
Beschränkte Rationalität
Test
- Event
-
Geistige Schöpfung
- (who)
-
Armstrong, Mark
Huck, Steffen
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2010
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Armstrong, Mark
- Huck, Steffen
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2010
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