The empirical relationship between nonstandard economic behaviors

Abstract

Significance A large literature in behavioral and experimental economics has identified a long list of robust phenomena that are hard to explain within the classic model of economic choice. These are, however, typically analyzed independently. We study the joint distribution of 11 of the most prominent behaviors using an incentivized laboratory experiment involving undergraduate students. Our main aim is to provide empirical guidance in the construction of a unified, parsimonious model of economic behavior, an important step in integrating behavioral insights into broader economic and policy analysis. We find that some of these phenomena are strongly related to each other, while others are independent. This provides evidence in support of some of the proposed attempts at unification, but not others.

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