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Behavioral Econometrics for Psychologists

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We make the case that psychologists should make wider use of econometricmethods for the estimation of structural models. These methods involve thedevelopment of maximum likelihood estimates of models, where the likelihoodfunction is tailored to the structural model. In recent years these models have beendeveloped for a wide range of behavioral models of choice under uncertainty. Weexplain the components of this methodology, and illustrate with applications tomajor models from psychology. The goal is to build, and traverse, a constructivebridge between the modeling insights of psychology and the statistical tools ofeconomists.

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Steffen Andersen, Glenn W. Harrison, Morten Igel Lau, Elisabet E. Rutström

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