Economics Games Related to Psychology
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Richard Thaler Wins the Nobel Prize!

Doug Norton

By now you have heard that Richard Thaler won the 2017 Nobel Prize in Economic Sciences because his, “… contributions have built a bridge between the economic and psychological analyses of individual decision-making.” What a bridge! To my knowledge, there are no sub-fields in economics that haven’t been infused with psychological insights. For example, see survey articles on behavioral and experimental economics and:

Also, current and recent AEA Presidents Al Roth (2017), Robert Shiller (2016), Richard Thaler (2015) are an acknowledgement that psychology and economics are at the cutting edge of the economics discipline. The entrepreneurship of Richard Thaler is a big reason for that.

Richard H. Thaler

At MobLab, we have a number of economics games related to Richard Thaler’s research. Dictator and Ultimatum bargaining games help to showcase issues related to fairness, something Richard Thaler has written a lot about. Our survey-based experiments help illustrate the power of framing effects like mental accounting, endowment effects, acquisition utility v. transaction utility, and so on. This week, I will build into our pre-built survey-based experiments questions from his classic piece on constraints on profit seeking.


Ultimatum Game - Responder
Ultimatum Game - Proposer

Sunk Cost

I have been a big fan of Thaler’s research and thoroughly enjoyed the books Quasi Rational  Economics and Misbehaving. In Fall 2018, I will be teaching a class on State and Local Public Finance and I’ll be assigning his most famous work, Nudge, which has vast implications for public pensions, tax compliance, and more.  Congratulations to Richard Thaler!

Ready to set up your own interactive economics experimentsGet in touch with our team!  We are eager to partner with you on the best games and simulations for your classroom needs!