title: Hurricane Michael

text: Sustained winds in coastal Okaloosa County, located west of Michael's landfall, met low-end tropical storm thresholds, punctuated by higher 60 mph (95 km/h) gusts. Gusts in the tropical storm range extended west to Pensacola and farther inland along the westernmost stretches of the Florida Panhandle, downing trees and power lines. However, the overall impacts of Michael west of Bay County were comparatively muted. On the evening of October 10, 308 customers were without power in Escambia County. Isolated power outages also afflicted Okaloosa County. Gusts in the Pensacola area topped out at and reached in Destin. The Navarre Causeway and the Garcon Point Bridge briefly closed as winds exceeded . Storm surge inundation of in the Pensacola area occurred ahead of the hurricane due to strong easterly winds, producing minor flooding. Significant beach erosion and road damage was caused by waves along SR 399 between Pensacola Beach and Navarre. Several piers on Choctawhatchee Bay were damaged or destroyed. Neighborhoods along the Santa Rosa Sound were in Pensacola Beach were flooded as the rough surf flowed over barriers.


title: Hurricane Michael

text: The outer fringes of Michael affected parts of the peninsular region of Florida well before its ultimate landfall. The combined wind flow from Michael's large circulation and an area of high pressure to the north generated squalls with gusts over central Florida on October 8; at the time, Michael was located near the western end of Cuba. One boat sank in Lake Monroe due to rough waters generated by the squalls, killing one person and hospitalizing another. Minor saltwater flooding occurred along the Atlantic and Gulf coasts of South Florida due to high tides enhanced by storm surge.


title: Hurricane Michael

text: Storm surge was responsible for most of the $100,000 damage toll along the coasts of west-central and southwestern Florida. Storm surge topped out at at Cedar Key. Similar surge heights occurred in Citrus County, forcing several road closures and washing away a car parked on a road ramp at Fort Island Gulf Beach. Tropical storm-force winds were also felt in isolated areas in the region. A National Ocean Service station in Cedar Key recorded a sustained wind, the highest reported in the region. Cedar Key experienced the worst effects from Michael along the west and southwestern coasts of the Florida peninsula. Two homes and two businesses experienced stormwater inundation, in addition to another four homes in nearby Yankeetown; each building sustained minor damage amounting to roughly $10,000 per building. Michael's outer rainbands spawned at least four waterspouts; one briefly moved ashore Sarasota County northwest of Siesta Key and was classified as an EF0 tornado. Another EF0 tornado was spotted by law enforcement near Camp Blanding.


title: Hurricane Michael

text: Michael crossed into Georgia in Donalsonville as a weakening, but still strong Category 2 hurricane, where significant damage to structures and trees occurred. Gusts in Donalsonville peaked at . Tropical storm force wind gusts were observed as far north as Athens and Atlanta. More than 400,000 electrical customers in Georgia were left without power. At least 127 roads throughout the state were blocked by fallen trees or debris. In Albany, where wind gusts reached , 24,270 electrical customers lost power. Numerous trees fell on homes and roads, blocking about 100 intersections. Winds also ripped siding off of homes and shattered windows at the convention center. Three tornadoes were spawned by Michael in Georgia, including a high-end EF1 tornado in Crawford County that knocked down several trees onto homes and destroyed. An 11-year-old girl in Seminole County died after debris fell on her home.


title: Hurricane Michael

text: Agriculture across the state suffered tremendous losses. As of October 18, estimated damage in the agriculture industry alone reached $2.38–2.89 billion. Forestry experienced the greatest losses at $1 billion, with about 1 million acres of trees destroyed. Described as a "generational loss", pecan farms in many areas were wiped out. The Department of Agricultural and Applied Economics at the University of Georgia estimated that the pecan crop suffered $100 million in direct losses, with another $260 million in direct losses associated with damage to pecan trees. Farmers were still recovering from damage incurred by Hurricane Irma during the preceding year. The entire crop in Seminole County was lost and 85 percent was lost in Decatur. Initially expected to be a record harvest, a large portion of the cotton crop—worth an estimated $300–800 million—was wiped out. $480 million worth of vegetables were destroyed. In the poultry industry, more than 2 million chickens died due to the storm, and the loss were about $25 million. The insurance claims throughout the state were about $700 million.


title: Hurricane Michael

text: Four EF0 tornadoes were spawned in South Carolina, all of which caused minor tree damage. Moisture streaming northward ahead of Michael led to heavy rainfall across North Carolina on October 11, with most occurring in the basins of the New and Watauga river basins. Most of the rain fell in three to six hours, triggering flash floods. Rainfall totals were generally 4–8 in (100–200 mm) with some localized maxima in excess of 10 in (250 mm). As the cyclone itself passed through North Carolina, it produced wind gusts of 40–60 mph (65–95 km/h) across the central region of the state, blowing down trees onto roads and electric lines; 490,000 Duke Energy customers were left without power late on October 11, and 342,000 remained without power in the state 24 hours later. A tree fell on a car in Statesville, killing the driver. Two others died in Marion when they crashed into a tree that had fallen across a road. Fallen trees damaged homes and hotels in the Research Triangle. The total cost of damage in central North Carolina reached $7.15 million. Winds were stronger along the coast, with a peak gust of measured in Kitty Hawk. The northern Outer Banks experienced minor shingle damage and isolated tree damage as a result of these winds, with Manteo, Kill Devil Hills, and Kitty Hawk experiencing the heaviest impacts from both these winds and storm surge along the Outer Banks.


title: Hurricane Michael

text: In Virginia, seven tornadoes touched down: four were rated EF0 and three were rated EF1. The three EF1 tornadoes struck Burkeville, Mannboro, and Toana, blowing roofs off buildings and knocking down trees, some onto homes. A house in Mannboro was shifted slightly off its foundation and had most of its roof uplifted. Four people including a firefighter were washed away by floodwaters, and another firefighter was killed in a vehicle accident on Interstate 295. A sixth fatality was discovered when the body of a woman was found on October 13. At least 1,200 roads were closed, and hundreds of trees were downed. Up to 600,000 people were left without power at the height of the storm.


title: Hurricane Michael

text: In Maryland, the remnants of Michael dropped of rain over a period of a few hours in Wicomico County on October 11. Flooding from the Rockawalkin Creek damaged a portion of MD 349, forcing the road to be closed. Homes were flooded in the Canal Woods neighborhood in Salisbury. Three hundred people were forced to evacuate from three apartments in the neighborhood. Michael's remnants also generated strong winds across Maryland, with sustained winds topping out at with gusts reaching .


title: Hurricane Michael

text: On October 9—a day before Hurricane Michael made landfall—President Donald Trump signed an emergency declaration for Florida, which authorized the Federal Emergency Management Agency (FEMA) to coordinate disaster efforts, with Thomas McCool serving as Federal Coordinating Officer in the state. The declaration also authorized funding for 75% of the cost of emergency protective measures and the removal of storm debris in 14 Florida counties. The federal government also provided for 75% of the cost of emergency protective measures in an additional 21 counties. On October 11, President Trump declared a major disaster in five counties: Bay, Franklin, Gulf, Taylor, and Wakulla. Residents in the county were able to receive grants for house repairs, temporary shelter, loans for uninsured property losses, and business loans. In addition to FEMA, several private and non-profit organizations, including the DSA, PSL, and SRA, established the Hurricane Michael Relief Network which provided direct relief to residents that were affected by the disaster.


title: Hurricane Michael

text: Due to the storm damage in Georgia, President Trump also signed an emergency declaration for Georgia, where FEMA activity was coordinated by Manny J. Torro. The declaration authorized funding for 75% of the cost of emergency protective measures and the removal of storm debris in 31 Georgia counties, and 75% of the cost of emergency protective measures in an additional 77 counties.


title: Hurricane Michael

text: Florida Governor Ron DeSantis has since requested, with the storm's elevation to Category 5, the federal relief share be increased from 75% to 90%. As of April 2019, either value awaits passage of a specific relief package being delayed in the United States House of Representatives.


title: Hurricane Michael

text: With maximum sustained winds of 160 mph (260 km/h) and a central pressure of at landfall, Michael was the most intense landfalling mainland U.S. hurricane since Camille in 1969, which had a central pressure of at landfall. Hurricane Michael was the first landfalling Category 5 Atlantic hurricane in the U.S. since Andrew in 1992, which had 165 mph (270 km/h) winds. Michael is tied with the 1928 Okeechobee hurricane for the sixth-strongest tropical cyclone by wind speed to impact the United States (including its overseas territories), and was the fourth strongest to impact the U.S. mainland. Additionally, Michael was the second-most intense hurricane by pressure to make landfall in Florida, behind the 1935 Labor Day hurricane, and the third strongest by wind, behind the 1935 Labor Day hurricane and Andrew.


title: Hurricane Michael

text: Michael was the second-most intense hurricane to have made landfall during the month of October in the North Atlantic basin (including the Gulf of Mexico and the Caribbean Sea), behind the 1924 Cuba hurricane. Michael was the first recorded Category 4 or 5 hurricane to strike the Florida Panhandle since reliable records began in 1851.


title: Hurricane Michael

text: On March 20, 2019, at the 41st session of the RA IV hurricane committee, the World Meteorological Organization retired the name "Michael" from its rotating name lists, due to the extreme damage and loss of life it caused along its track, particularly in the Florida Panhandle and southwest Georgia, and its name will never again be used for another Atlantic hurricane. It will be replaced with "Milton" for the 2024 season.


title: Slap Shot

text: Slap Shot is a 1977 American sports film directed by George Roy Hill, written by Nancy Dowd and starring Paul Newman and Michael Ontkean. It depicts a minor league ice hockey team that resorts to violent play to gain popularity in a declining factory town.


title: Slap Shot

text: Dowd based much of her script, as well as several of the characters, on her brother Ned Dowd's playing experiences on 1970s minor league professional hockey teams.


title: Slap Shot

text: While "Slap Shot" received mixed reviews upon release and was only a moderate box office success, it has since become widely regarded as a cult film.


title: Slap Shot

text: In the fictional small town of Charlestown, Pennsylvania, the local steel mill is about to close permanently and lay off 10,000 workers, indirectly threatening the existence of the town's minor league hockey team, the Charlestown Chiefs, who are also struggling with a losing season and an increasingly hostile crowd. After discovering the hometown fans responding positively to an on-ice brawl with the opposing goalie, player-coach Reggie Dunlop goads his own team into a violent style of play, eventually letting the overly-aggressive Hanson Brothers, the club's recent acquisitions, loose on their opponents. The brothers' actively violent and thuggish style of play excites the fans, which increases revenue, potentially saving the team.


title: Slap Shot

text: The team's new style produces unintended consequences that affect not only Dunlop, but the Chiefs' star player, Ned Braden, along with the rest of the team. Braden refuses to take part in the violent antics, as Dunlop attempts to exploit Braden's marital troubles in his efforts to get him to take part in the team's brawling, but to no avail. Several games degenerate into bench-clearing brawls, including one that takes place before the opening face-off, and another that brings the local police into the locker room to arrest the Hanson Brothers after they attack the opposing fans in the stands. Nonetheless, the Chiefs rise up the ranks to become contenders for the championship, and a rumor (started by Dunlop himself to further motivate his teammates) spreads that the team's success could possibly lead them to be sold to a buyer in Florida.


title: Slap Shot

text: Eventually Dunlop meets team owner Anita McCambridge, and discovers his efforts to increase the team's popularity (and value) through violence have been for naught, as McCambridge's better option is to fold the team as a tax write-off. By the time Dunlop decides to abandon the new strategy of violence over skill, the Chiefs' main rivals in Syracuse have already upped the ante by stocking their team full of violent "goons" (many of whom were previously suspended from the league for flagrant violations) in preparation for the league's championship game. After being crushed during the first period while playing a non-violent style of "old time hockey," the disgusted general manager tells them that various National Hockey League scouts accepted his invitation to the game, as he was hoping that the Chiefs' habitual escapades would get the players signed to the major leagues.


title: Slap Shot

text: Upon hearing this news, Dunlop decides to have his team revert to their previous violent approach, much to the joy of the spectators. When Braden witnesses his now-estranged wife cheering for the Chiefs, he realizes the absurdity of the violence, and adopts a similarly radical (but still non-violent) way of participation by performing a live striptease on the rink amid rousing cheers. When the Syracuse team's captain protests against this "obscene" demonstration and hits the referee for dismissing him, Syracuse is disqualified, granting the Chiefs the championship. After their win, and with the Chiefs now effectively folded and finished, Dunlop accepts the offer to be the player-coach to the Minnesota Nighthawks, bringing his teammates with him.


title: Slap Shot

text: The original screenplay by Nancy Dowd is based in part on her brother Ned Dowd's experiences playing minor-league hockey in the U.S. in the 1970s. At that time, violence, especially in the low minors, was a selling point of the game.


title: Slap Shot

text: Dowd was living in Los Angeles when she got a call from Ned, a member of the Johnstown Jets hockey team. He gave her the bad news that the team was for sale. Dowd moved to the area and was inspired to write "Slap Shot". It was filmed in Johnstown, Pennsylvania, Pittsburgh, Pennsylvania, and in central New York State (Clinton Arena in Clinton, New York; Utica Memorial Auditorium in Utica, New York; and the Onondaga County War Memorial Auditorium in Syracuse, New York).


title: Slap Shot

text: Nancy Dowd used Ned and a number of his Johnstown Jets teammates in "Slap Shot", with Ned's playing Syracuse goon Ogie Ogilthorpe. He later used the role to launch a career as a Hollywood character actor, an assistant director and eventually a line producer. The characters of the Hanson Brothers are based on three actual brothers: Jeff, Steve and Jack Carlson, who played with Ned Dowd on the Jets. The character of Dave 'Killer' Carlson is based on then-Jets player Dave "Killer" Hanson. Steve and Jeff Carlson played their Hanson brother counterparts in the film. Jack Carlson originally was written to appear in the film as the third brother Jack, with Dave Hanson's playing his film counterpart Dave 'Killer' Carlson. However, by the time filming began, Jack Carlson had been called up by the Edmonton Oilers, then of the WHA, to play in the WHA playoffs, so Dave Hanson moved into the role of Jack Hanson, and Jerry Houser was hired for the role of 'Killer' Carlson.


title: Slap Shot

text: Paul Newman, claiming that he swore very little in real life before the making of "Slap Shot", said to "Time" magazine in 1984:


title: Slap Shot

text: Newman stated that the most fun he ever had making a movie was on "Slap Shot," as he had played the sport while young and was fascinated by the players around him. During the last decades of his life, he repeatedly called Reg Dunlop one of his favorite roles. Al Pacino wanted to play the role of Reggie Dunlop (#7) but director George Roy Hill chose Paul Newman instead.


title: Slap Shot

text: Yvan Ponton and Yvon Barrette (who played forward Jean-Guy Drouin and goaltender Denis Lemieux, the two Quebec players in the film) dubbed their own voices for the film's translated French version. The film is one of few mainstream American films that was translated in colloquial Québécois French and not Standard French. Heavy use of Quebec expressions and foul language has made this version of the film a cult classic among French-speaking Canadians, where lines from the movie such as "Dave est magané" ("Dave's a mess") and "Du hockey comme dans l'temps" ("good old-fashioned hockey") are common catch phrases.


title: Slap Shot

text: The movie was filmed in (and loosely based around) Johnstown, Pennsylvania, and utilized several players from the then-active North American Hockey League Johnstown Jets (the team for which Dowd himself played) as extras. The Carlson Brothers and Dave Hanson also played for the Jets in real life. Many scenes were filmed in the Cambria County War Memorial Arena and Starr Rink in Hamilton, New York; the Utica Memorial Auditorium (used as Peterborough where the pre-game fight occurs and where a Hanson reprimands the referee for talking during the anthem); Onondaga County War Memorial in Syracuse, New York (used as Hyannisport where the Hanson Brothers charge into the stands to accost a fan and are arrested); and in other Johnstown locales. Coincidentally, the Johnstown Jets and the NAHL folded in 1977, the year "Slap Shot" was released.


title: Slap Shot

text: Although much of the movie takes place during the fall and winter seasons, when hockey is in season, filming at the Utica Memorial Auditorium took place from June 3–4. Similarly, in Johnstown, Newman is wearing a coat as though it should be cold, but there is no snow on the ground and the trees are in full bloom.


title: Slap Shot

text: The Reggie Dunlop character is based, in part, on former Eastern Hockey League Long Island Ducks player/coach John Brophy, who receives homage by his last name being used for the drunken center of the Hyannisport Presidents. Coincidentally, Brophy would later coach Dave Hanson, who played Jack Hanson, with the Birmingham Bulls in 1978.


title: Slap Shot

text: In one scene announcer Jim Carr remarks that Ned Braden is "a college graduate ... and an American citizen!" – both unusual distinctions for a pro hockey player of the time. In real life, Michael Ontkean played hockey for and graduated from the University of New Hampshire in 1970.


title: Slap Shot

text: Syracuse Bulldogs rookie goon Ogie Ogilthorpe, who was mentioned throughout the film but never actually seen until the final playoff game, was based on longtime minor-league goon Bill "Goldie" Goldthorpe. Like Ogie Ogilthorpe, Goldie Goldthorpe is also infamous for his rookie season in professional hockey (1973) when as a member of the Syracuse Blazers he amassed 25 major fighting penalties before Christmas.


title: Slap Shot

text: The Blades in the film were based on the Broome Dusters. One scene in the film was specifically drawn from events that occurred in Binghamton, New York. In the movie the Hanson brothers wear black-rimmed, Coke-bottle eyeglasses, and in one game get into a fight immediately after the opening faceoff; in reality, both Jeff and Steve Carlson did wear that style of glasses, and did indeed get into a long fight right after an opening faceoff. Coach Dick Roberge:


title: Slap Shot

text: A scene in the film shows the Hanson brothers jumping the Peterborough Patriots during pre-game warm-ups. This is based on events in a mid-'70s North American Hockey League playoff series between the Johnstown Jets and the Buffalo Norsemen. The Jets had a black player on their roster, and during a playoff game held in North Tonawanda, New York (a northern suburb of Buffalo where the Norsemen played their home games), a Norsemen fan held up a derogatory sign stating that blacks should be playing basketball. The next game in the series was held in Johnstown, and the Jets retaliated by attacking the Norsemen players during the warm-ups, with a huge brawl erupting. The Norsemen players and coaches then returned to the dressing room and refused to come out to start the game. The game was awarded to the Jets by forfeit, as was the playoff series since the "win" gave the Jets the needed number of victories to capture the series.


title: Slap Shot

text: Another scene is also based on a real-life event. In the film Jeff Hanson scores a goal and is hit in the face by a set of keys thrown by a fan. The Hansons then go into the stands after the fan and Jeff Hanson punches out the wrong fan. After the game the Hansons are arrested for the incident. In real life a similar incident occurred in Utica, New York, in a game between the Johnstown Jets and the Mohawk Valley Comets. Jeff Carlson was hit in the face by a cup of ice thrown by a Utica fan and went into the stands after the fan with brothers Jack and Steve. All three were arrested and Dave Hanson gathered the money for bail for the Carlson brothers.


title: Slap Shot

text: The film was a moderate hit upon release, grossing $28,000,000 over its theater run, which placed it at #21 among movies released in 1977 and well below the grosses of Paul Newman's three previous wide-release films: "The Towering Inferno", "The Sting", and "Butch Cassidy and the Sundance Kid", which all grossed over $100 million.


title: Slap Shot

text: "Variety" wrote that "director George Roy Hill is ambivalent on the subject of violence in professional ice hockey. Half the time Hill invites the audience to get off on the mayhem, the other half of the time he decries it. You can't really have it both ways, and this compromise badly mars the handsomely made Universal release, produced by Robert Wunsch and Stephen Friedman." Vincent Canby of "The New York Times" described the performances as "impeccable" and thought the film had "a kind of vitality to it," but found it "unfunny" and noted an "ambiguous" point of view with regard to violence. Kevin Thomas of the "Los Angeles Times" was negative, writing that since the "characters possess so little dimension and since we have so little opportunity to get to know and therefore care about them, their incessantly brutalizing behavior and talk can only seem exploitative in effect. What's more, in playing for laughs, "Slap Shot" gives the nasty impression of seeming to patronize both the players and their fans." Gary Arnold of "The Washington Post" wrote ""Slap Shot" comes at you like a boisterous drunk. At first glance it appears harmlessly funny, in an extravagantly foul-mouthed sort of way. However, there's a mean streak beneath the cartoon surface that makes one feel uneasy about humoring this particular drunk for too long." Tom Milne]of "The Monthly Film Bulletin" described it as "a film which, while deploring the incidence of violence in sport, does everything it possibly can to make the audience wallow in that violence."


title: Slap Shot

text: Gene Siskel gave the film two-and-a-half stars out of four in his original print review, writing that "what "Slap Shot" does to its ultimate failure is exaggerate every one of its fine facets. It's as if those locker room tape recordings had been edited to remove the silences and banalities, to include only the most outrageous sex-and-violence. And regrettably, 'Slap Shot' moralizes about violence in its tacked-on, whipsaw ending. This, after filling the screen with nonstop mayhem." Years later he said, "My initial review was mixed and then I saw it two weeks later, thankfully, and I knew it was a terrific film." He included it among the runners-up on his year-end list of the 10 best films of 1977, explaining that "the more I saw it, the more I liked it."


title: Slap Shot

text: "The Wall Street Journal"<nowiki>'</nowiki>s Joy Gould Boyum seemed at once entertained and repulsed by a movie so "foul-mouthed and unabashedly vulgar" on one hand and so "vigorous and funny" on the other. Michael Ontkean's strip tease displeased "Time" magazine's critic Richard Schickel, who regretted that "in the dénouement [Ontkean] is forced to go for a broader, cheaper kind of comic response." Despite the mixed reviews, the film won the Hochi Film Award for Best International Film.


title: Slap Shot

text: Pauline Kael in "The New Yorker" was mixed, writing that "I don't know that I've ever seen a picture so completely geared to giving the public 'what it wants' with such an antagonistic feeling behind it. Hill gets you laughing, all right, but he's so grimly determined to ram entertainment down your throat that you feel like a Strasbourg goose." However, she praised Paul Newman for giving "the performance of his life——to date."


title: Slap Shot

text: Critical reevaluation of the film continues to be positive. In 1998, "Maxim" magazine named "Slap Shot" the "Best Guy Movie of All Time" above such acknowledged classics as "The Godfather", "Raging Bull", and Newman's own "Cool Hand Luke". "Entertainment Weekly" ranked the film #31 on its list of "The Top 50 Cult Films". In the November 2007 issue of "GQ", Dan Jenkins proclaimed "Slap Shot" "the best sports film of the past 50 years."


title: Slap Shot

text: On Rotten Tomatoes, the film has a rating of 83%, based on 35 reviews, with an average rating of 7.10/10 and the critical consensus stating "Raunchy, violent, and very funny, "Slap Shot" is ultimately set apart by a wonderful comic performance by Paul Newman."


title: Slap Shot

text: Concurrent with the release of the film, Berkeley Books released a novelization of the screenplay, written by Richard Woodley.


title: Slap Shot

text: The film was followed by two direct-to video sequels: "" (2002) and "" (2008). Paul Newman and the rest of the original cast did not participate in either sequel, with the exception of the Hanson Brothers, who had major roles in both.


title: Johnny Damon

text: Johnny David Damon (born November 5, 1973) is an American former professional baseball outfielder who played in Major League Baseball (MLB) from 1995 to 2012. During his MLB career, Damon played for the Kansas City Royals (1995–2000), Oakland Athletics (2001), Boston Red Sox (2002–2005), New York Yankees (2006–2009), Detroit Tigers (2010), Tampa Bay Rays (2011) and Cleveland Indians (2012). Damon also played for the Thailand national baseball team and was a member of the squad for the 2013 World Baseball Classic qualifiers.


title: Johnny Damon

text: Damon was born on Fort Riley, an U.S. Army post in Kansas. His mother Yome is a Thai immigrant to the United States and his father Jimmy is an American of Croatian and Irish descent. They met while his father, a staff sergeant in the United States Army, was stationed in Thailand. Damon spent much of his infancy as an "Army brat," moving to several posts including Okinawa, Japan and West Germany before his father was discharged from the Army. The Damon family settled in the Orlando, Florida area while Johnny was a pre-schooler.


title: Johnny Damon

text: Damon was a quiet child, largely on account of a stutter. "My thoughts just raced ahead of my tongue," Damon said of his problem. "I'd sing songs as therapy, and I got better, but I still just kept quiet most of the time." He played in South Orange Little League as a child. He played for the Walker Jr High baseball team before attending Dr. Phillips High School in Orlando when during his senior year in 1992, he was rated the top high school prospect in the country by "Baseball America", was named to "USA Today's" High School All-America team and was the Florida Gatorade Player of the Year. Damon also ran track at Dr. Phillips where his senior year he was runner up in the 200m dash. Damon also played football in high school, once getting hit by Warren Sapp and sustaining the first concussion in his life.


title: Johnny Damon

text: Damon was selected by the Kansas City Royals in the first round (35th overall) of the 1992 MLB draft. He made his MLB debut on August 12, 1995 after playing the previous season with the minor league Wichita Wranglers. He played for the Royals from 1995 to 2000. He scored 104 runs in 1998 and 101 runs in 1999. One of his best seasons came in 2000 when he led the American League in runs with 136 and stolen bases with 46, as he was second in hits (214), at bats (655), and plate appearances (741).


title: Johnny Damon

text: Damon spent 2001 with the Oakland Athletics. In a three-way trade involving the A's, Royals, and Tampa Bay Devil Rays, the A's received Damon along with pitcher Cory Lidle from the Devil Rays and second baseman Mark Ellis from the Royals. He was third in the league in at bats (644) and seventh in runs (108).


title: Johnny Damon

text: In 2002, he led the league in triples (11) and was third in infield hits (25), becoming the first player selected by the fans in the inaugural American League All-Star Final Vote.


title: Johnny Damon

text: On June 27, 2003, Damon became only the second player in MLB history since 1900 to record three base hits in an inning, when he did so against the Florida Marlins. During Game 5 of the 2003 American League Division Series, Damon collided head-on with teammate Damian Jackson while both players were attempting to chase down a pop fly. Damon suffered a severe concussion and had to be removed from the field on a stretcher. Jackson was also concussed, but was able to walk off the field with assistance.


title: Johnny Damon

text: In 2004, Damon was second in the league in runs (123) and began to re-establish himself among the premier lead-off hitters and center fielders in the game. In arguably his best season in the Major Leagues, Damon batted .304 with 20 home runs and 94 RBIs and showed improved patience at the plate. According to his autobiography, he was only the fourth leadoff batter in the history of Major League Baseball to drive in more than 90 runs in a season. Damon batted a torrid 7-for-15 during that year's Division Series against the Angels but struggled in the ALCS against the Yankees, going only 3-for-29 from the plate through the first six games. In Game 7, Damon hit two home runs, one of which was a grand slam, to lead the Red Sox to the pennant. In the World Series, he also hit a home run as the Red Sox won the series against the St. Louis Cardinals in a four-game sweep. This was the first Red Sox World Series championship since 1918, effectively terminating the Boston Red Sox's 86-year "Curse of the Bambino" World Series drought.


title: Johnny Damon

text: Through his four-year career with the Red Sox (2002–2005), Damon appeared in 597 games (590 in center field and seven as a designated hitter) and hit 56 home runs. Of his 2,476 at bats, 2,259 were as leadoff hitter. Damon batted second in the lineup for 156 at-bats in 2002, accounting for nearly all of the rest except for occasional pinch hit. He started two games as the third hitter in 2004, and in 2005, he had 624 at-bats, and all but three as the lead-off hitter. He also earned his second All-Star selection, starting as the American League's center fielder. He led the AL with 35 infield hits, and matched the 35 doubles he had hit in 2004.


title: Johnny Damon

text: On December 20, 2005, Damon signed a four-year, $52 million contract with the New York Yankees. The Red Sox stood firm on a three-year contract and chose not to negotiate against a five-year deal proposed by agent Scott Boras.


title: Johnny Damon

text: Damon's signing with the Yankees led to his being subsequently vilified by many Red Sox fans because of his previously professed loyalty to the city and Red Sox organization, including his now infamous statement in May 2005, where he claimed, "There's no way I can go play for the Yankees, but I know they're going to come after me hard. It's definitely not the most important thing to go out there for the top dollar, which the Yankees are going to offer me. It's not what I need."


title: Johnny Damon

text: As the Yankees have a strict dress code for players forbidding both long hair and facial hair beyond neat mustaches, Damon had his shoulder-length "cave man" hair cut and beard shaved on December 22. Damon, who had a clean-cut appearance until his third season with the Red Sox, had been planning on cutting his hair and shaving his beard off even if he didn't sign with the Yankees, but waited until after he signed with them in order to prevent speculation.


title: Johnny Damon

text: The following season, in a pivotal five game series in August between the Yankees and Red Sox at Fenway Park, Damon went 3-for-6 in each of the first three games, including a doubleheader on August 18, and a game on August 19. Damon hit two home runs, drove in eight runs, and scored eight runs in the first three games as the Yankees won by a combined score of 39–20 and dealt a severe blow to the Red Sox 2006 play-off aspirations.


title: Johnny Damon

text: In 2006, Damon finished third in runs (115) and ninth in stolen bases (25) in the AL, while hitting 24 home runs, his career high. He also tied his mark of 35 doubles from the previous two seasons. He was only one of 4 players in the major leagues to hit at least 24 home runs and steal at least 24 bases.


title: Johnny Damon

text: On June 7, 2008, Damon went 6-for-6 in the Yankees 12–11 win over the Kansas City Royals, including a walk-off ground-rule double, which had bounced over the wall. He is the first Yankee to have six hits in a 9 inning game since Myril Hoag accomplished the feat in 1934. Damon said in a post-game on-field interview that this was his first walk-off as a Yankee.


title: Johnny Damon

text: The Yankees placed Damon on the 15-day disabled list for the first time in his MLB career on July 6, 2008 with a bruised AC joint in his left shoulder. The injury occurred a day earlier when Damon collided with the outfield wall in an attempt to catch a triple. At that time, Damon was one of only three active major league ballplayers who had played at least 10 years in the majors without going on the disabled list. He returned to active duty, and hit 27 doubles for the season. Damon hit 53 home runs in his three complete seasons with the Yankees.


title: Johnny Damon

text: On July 27, 2009, Damon hit his 200th career home run against the Tampa Bay Rays' Brian Shouse. For the 2009 season, he batted .282 and tied for the lead among AL left fielders in errors (with 5), while he was fourth in the league in runs scored (107).


title: Johnny Damon

text: Damon hit a home run in Games 3 and 4 of the 2009 ALCS, defeating the Los Angeles Angels of Anaheim in six games. When the Yankees went on to play the Philadelphia Phillies in the 2009 World Series, Damon got credit for stealing two bases in one play when the Phillies defense was shifted against batter Mark Teixeira. Damon got his second championship ring as the Yankees would eventually defeat the Phillies in six games.


title: Johnny Damon

text: Damon, after winning his second World Series, entered free agency after the 2009 season despite expressing his desire to return to the Yankees. He insisted that the Yankees not even make him an offer, however, unless they pay him at least the $13 million he earned for the past four years. As a result of his contract demands, the Yankees signed 1B/DH Nick Johnson to a one-year/5.5MM deal, despite Damon lowering his salary demands at the last minute. The Yankees then signed outfielder Randy Winn to a one-year $2 million deal which essentially closed the door on Damon's return to the Bronx.


title: Johnny Damon

text: On February 20, 2010, Damon agreed to a one-year, $8 million deal with the Detroit Tigers. On April 14, 2010, he recorded his 1,000th career RBI against the Kansas City Royals. On May 1, he hit a walk-off home run against Los Angeles Angels of Anaheim pitcher Scot Shields at Comerica Park to win the game 3–2. On July 6, Damon recorded his 2,500th career hit off Jake Arrieta of the Baltimore Orioles, and hit a walk-off home run off David Hernandez, giving the Tigers a 7–5 win. For the season, he batted .271 with eight home runs and 51 RBI. He became a free agent at the end of the season.


title: Johnny Damon

text: On January 21, 2011, Damon agreed to a one-year, $5.25 million deal with the Tampa Bay Rays. The Rays also signed his former Boston Red Sox teammate Manny Ramirez in a package deal suggested by agent Scott Boras. Also reunited with Damon was former Red Sox player Kelly Shoppach.


title: Johnny Damon

text: Manager Joe Maddon said he expected the 37-year-old Damon to often be replaced by Sam Fuld during the season late in games that the Rays are leading. After Ramirez's abrupt retirement, this would be moot as Damon primarily would play as the designated hitter.


title: Johnny Damon

text: On April 16, 2011, Damon had the game-winning hit for the fifth consecutive game for the Rays, two of which were walk-off hits. On June 29, 2011, Damon tied Ted Williams for 71st on the all-time hit list with 2,654 hits. The hit came at Tropicana Field in the bottom of the sixth inning. On July 2, 2011, Damon went 4-for-4 and his first-inning single moved him past Ted Williams on the all-time hit list. He would finish the season 57th all-time with 2,723 career hits.


title: Johnny Damon

text: In Game 1 of the ALDS, Damon hit a two-run home run in the second inning off Texas Rangers starting pitcher C. J. Wilson to give his team an early 2–0 lead. The Rays won the game 9–0, however they eventually lost the best-of-five divisional series 3–1.


title: Johnny Damon

text: On April 12, 2012, Damon signed a one-year minor league contract with the Cleveland Indians for $1.25 million (and an additional $1.4 million in incentives). On May 1, Damon was called up to Cleveland. He made his debut on May 2, batting leadoff against the Chicago White Sox. He finished the game 0–3 with a walk. Indians manager Manny Acta dropped Damon to seventh in the batting lineup after going 4–29 in the leadoff position, including 2 hits in his last 18 at-bats. On June 26, in a game against the Yankees, Damon became the 52nd player in MLB history to amass 2,750 career hits. Heading into the All-Star break, Damon had 35 hits in 163 official at-bats and was hitting .215 in 50 games. On July 20, Damon tied a season-high with three hits versus the Baltimore Orioles.


title: Johnny Damon

text: Damon was designated for assignment on August 3, 2012. He was released by the Indians, along with pitchers Derek Lowe and Jeremy Accardo, on August 9.


title: Johnny Damon

text: His first year of eligibility for the National Baseball Hall of Fame and Museum came in 2018 where he joined a notable group of first-time candidates, including Chipper Jones, Jim Thome and Omar Vizquel. Damon only received eight votes (1.9% of the voting ballot) and was thus dropped from future consideration.


title: Johnny Damon

text: Damon hoped to be signed for 2013, and offered the Yankees the opportunity to sign him to a contract for the league's minimum salary as a replacement for the injured Curtis Granderson, also expressing a willingness to be released once Granderson returned. The Yankees indicated that they were not interested in signing Damon. Damon remained unsigned for all of 2013, and did not play.


title: Johnny Damon

text: In late 2013 and early 2014, Damon indicated a desire to keep playing, in part to have the opportunity to attain 3,000 hits (he needed 231 to reach that goal). He told members of the media that he has stayed in good physical condition and hoped to receive invitations to spring training.


title: Johnny Damon

text: Damon did not receive any offers prior to the start of the 2014 season. In a May 2014 interview while in Boston to celebrate the 10th anniversary of the Red Sox 2004 World Series championship, Damon indicated that he has no plans to officially announce his retirement, even though he acknowledged that he will likely not play in the major leagues again. He also stated that he still wants to play, has continued to stay in good physical condition, and could play if given the opportunity, saying "I feel like if a team calls me, I can be ready. If I play tonight, I'll hit a homer." On June 22, 2014, he played in his first New York Yankees Old-Timers' Day.


title: Johnny Damon

text: A July 2014 press report indicated that Damon still hoped to play again in the major leagues. According to the story, in June Damon completed an impromptu session with a batting practice pitcher for the Philadelphia Phillies, who was impressed enough to suggest that the Phillies should consider signing him.


title: Johnny Damon

text: On August 4, 2014, Damon gave an interview with the WEEI-FM radio show "Middays with MFB" and indicated that while he wants to still play, no teams have expressed an interest, and "those days are over".


title: Johnny Damon

text: According to press accounts in December 2014, Damon hoped to play in 2015, and his agent told a reporter "If you ask Johnny, he'd love to come back."


title: Johnny Damon

text: In 2005, Damon wrote "Idiot: Beating "The Curse" and Enjoying the Game of Life" with Peter Golenbock.


title: Johnny Damon

text: Damon participated in the "Celebrity Apprentice" competition in the spring of 2014 in New York City. The shows that he filmed were part of the 2015 season of the show. He was eliminated from the show on the episode which aired on February 2, 2015.


title: Johnny Damon

text: In April 2018, Damon was announced as one of the celebrities who will compete on season 26 of "Dancing with the Stars". He was partnered with professional dancer Emma Slater. He was eliminated on the first episode, and he placed in ninth place.


title: Johnny Damon

text: In August 2019, Damon and his wife appeared as one set of primary charter guests during seasons 4 & 5 of the show "Below Deck Mediterranean".


title: Johnny Damon

text: Damon has had two marriages and has fathered eight children. Damon married Angela Vannice, his high school sweetheart in 1992, and later divorced in 2002. The couple had a set of twins (a son and a daughter) together.


title: Johnny Damon

text: Damon married Michelle Mangan in 2004. The couple have six children together; five daughters (including a set of twins) and a son.


title: Johnny Damon

text: Damon and his family reside in Windermere, Florida. While with the Yankees, Damon and his wife lived in Cresskill, New Jersey.


title: Johnny Damon

text: He is active with the Wounded Warrior Project, which works to raise awareness and enlist the public's aid for the needs of severely injured service men and women.


title: Johnny Damon

text: Damon was one of the victims of the $8 billion fraud perpetrated by convicted wealth manager Allen Stanford.


title: Johnny Damon

text: Damon spoke at a rally in Florida during Donald Trump's 2016 presidential campaign and chanted in support of a border wall between the United States and Mexico. Damon formerly served as a committee member on Trump's council on Sports, Fitness, & Nutrition.


title: Johnny Damon

text: On October 26, 2019, in Orlando, Florida, Damon was the Special Guest at the Orange County Republican Party's Trump Defender Gala and 2019 Annual Lincoln Day Dinner.


title: Johnny Damon

text: On February 19, 2021, Damon was arrested in Windermere, Florida, for driving while intoxicated (DWI) and for resisting an officer without violence. Police reported that he had a blood alcohol content (BAC) of .30, measured two hours after he was stopped by police. Bodycam footage released by the Windermere Police Department showed Damon claiming that his arrest was part of being targeted because of his support of Trump.


title: Behavioral economics

text: Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory.


title: Behavioral economics

text: Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion.


title: Behavioral economics

text: The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires.


title: Behavioral economics

text: The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavioral economics is still growing as a field, being used increasingly in research and in teaching.


title: Behavioral economics

text: Early Neoclassical economists included psychological reasoning in much of their writing, though psychology at the time was not a recognized field of study. In "The Theory of Moral Sentiments," Adam Smith wrote on concepts later popularized by modern Behavioral Economic theory, such as loss aversion. Jeremy Benthham, another Neoclassical economist in the 1700s conceptualized utility as a product of psychology. Other Neoclassical economists who incorporated psychological explanations in their works included Francis Edgeworth, Vilfredo Pareto and Irving Fisher.


title: Behavioral economics

text: A rejection and elimination of psychology from economics by the Neoclassical school in the early 1900s brought on a period defined by a reliance on empiricism. There was a lack of confidence in hedonic theories, which saw pursuance of maximum benefit as an essential aspect in understanding human economic behavior. Hedonic analysis had shown little success in predicting human behavior, leading many to question its accuracy.


title: Behavioral economics

text: There was also a fear among economists that the involvement of psychology in shaping economic models was inordinate and a departure from contemporary Neoclassical principles. They feared that an increased emphasis on psychology would undermine the mathematic components of the field. William Peter Hamilton, "Wall Street Journal" editor from 1907 to 1929, wrote in "The Stock Market Barometer:" "We have meddled so disastrously with the law of supply and demand that we cannot bring ourselves to the radical step of letting it alone."


title: Behavioral economics

text: To boost the ability of economics to predict accurately, economists started looking to tangible phenomena rather than theories based on human psychology. Psychology was seen as unreliable to many of these economists as it was a new field, not regarded as sufficiently scientific. Though a number of scholars expressed concern towards the positivism within economics, models of study dependent on psychological insights became rare. Economists instead conceptualized humans as purely rational and self-interested decision makers, illustrated in the concept of "homo economicus."


title: Behavioral economics

text: The re-emergence of psychology within economics that allowed for the spread of behavioral economics has been associated with the cognitive revolution. In the 1960s, cognitive psychology began to shed more light on the brain as an information processing device (in contrast to behaviorist models). Psychologists in this field, such as Ward Edwards, Amos Tversky and Daniel Kahneman began to compare their cognitive models of decision-making under risk and uncertainty to economic models of rational behavior. These developments spurred economists to reconsider how psychology could be applied to economic models and theories. Concurrently, the Expected utility hypothesis and discounted utility models began to gain acceptance. In challenging the accuracy of generic utility, these concepts established a practice foundational in behavioral economics: Building on standard models by applying psychological knowledge.


title: Behavioral economics

text: Mathematical psychology reflects a longstanding interest in preference transitivity and the measurement of utility.


title: Behavioral economics

text: In 2017, Niels Geiger, a lecturer in economics at the University of Hohenheim conducted an investigation into the proliferation of behavioral economics. Geiger's research looked at studies that had quantified the frequency of references to terms specific to behavioral economics, and how often influential papers in behavioral economics were cited in journals on economics. The quantitative study found that there was a significant spread in behavioral economics after Kahneman and Tversky's work in the 1990s and into the 2000s.


title: Behavioral economics

text: Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, their cognitive limitations and the time available. Decision-makers in this view act as satisficers, seeking a satisfactory solution rather than an optimal one.


title: Behavioral economics

text: Herbert A. Simon proposed bounded rationality as an alternative basis for the mathematical modeling of decision-making. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available. Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment. Bounded rationality implicates the idea that humans take shortcuts that may lead to suboptimal decision-making. Behavioral economists engage in mapping the decision shortcuts that agents use in order to help increase the effectiveness of human decision-making. Bounded rationality finds that actors do not assess all available options appropriately, in order to save on search and deliberation costs. As such decisions are not always made in the sense of greatest self-reward as limited information is available. Instead agents shall choose to settle for an acceptable solution. One treatment of this idea comes from Cass Sunstein and Richard Thaler's "Nudge". Sunstein and Thaler recommend that choice architectures are modified in light of human agents' bounded rationality. A widely cited proposal from Sunstein and Thaler urges that healthier food be placed at sight level in order to increase the likelihood that a person will opt for that choice instead of less healthy option. Some critics of "Nudge" have lodged attacks that modifying choice architectures will lead to people becoming worse decision-makers.


title: Behavioral economics

text: In 1979, Kahneman and Tversky published "Prospect Theory: An Analysis of Decision Under Risk", that used cognitive psychology to explain various divergences of economic decision making from neo-classical theory. Kahneman and Tversky utilising prospect theory determined three generalisations; gains are treated differently than losses, outcomes received with certainty are overweighed relative to uncertain outcomes and the structure of the problem may affect choices. These arguments were proven in part by altering a survey question so that it was no longer a case of achieving gains but averting losses and the majority of respondents altered their answers accordingly. In essence proving that emotions such as fear of loss, or greed can alter decisions, indicating the presence of an irrational decision-making process. Prospect theory has two stages: an editing stage and an evaluation stage. In the editing stage, risky situations are simplified using various heuristics. In the evaluation phase, risky alternatives are evaluated using various psychological principles that include:


title: Behavioral economics

text: Prospect theory is able to explain everything that the two main existing decision theories—expected utility theory and rank dependent utility theory—can explain. Further, prospect theory has been used to explain phenomena that existing decision theories have great difficulty in explaining. These include backward bending labor supply curves, asymmetric price elasticities, tax evasion and co-movement of stock prices and consumption.


title: Behavioral economics

text: In 1992, in the "Journal of Risk and Uncertainty", Kahneman and Tversky gave a revised account of prospect theory that they called cumulative prospect theory. The new theory eliminated the editing phase in prospect theory and focused just on the evaluation phase. Its main feature was that it allowed for non-linear probability weighting in a cumulative manner, which was originally suggested in John Quiggin's rank-dependent utility theory. Psychological traits such as overconfidence, projection bias, and the effects of limited attention are now part of the theory. Other developments include a conference at the University of Chicago, a special behavioral economics edition of the "Quarterly Journal of Economics" ("In Memory of Amos Tversky"), and Kahneman's 2002 Nobel Prize for having "integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."


title: Behavioral economics

text: A further argument of Behavioural Economics relates to the impact of the individual's cognitive limitations as a factor in limiting the rationality of people's decisions. Sloan first argued this in his paper 'Bounded Rationality' where he stated that our cognitive limitations are somewhat the consequence of our limited ability to foresee the future, hampering the rationality of decision. Daniel Kahneman further expanded upon the effect cognitive ability and processes have on decision making in his book Thinking, Fast and Slow Kahneman delved into two forms of thought, fast thinking which he considered "operates automatically and quickly, with little or no effort and no sense of voluntary control". Conversely, slow thinking is the allocation of cognitive ability, choice and concentration. Fast thinking utilises heuristics, which is a decision-making process that undertakes shortcuts, and rules of thumb to provide an immediate but often irrational and imperfect solution. Kahneman proposed that the result of the shortcuts is the occurrence of a number of biases such as hindsight bias, confirmation bias and outcome bias among others. A key example of fast thinking and the resultant irrational decisions is the 2008 financial crisis.


title: Behavioral economics

text: Nudge is a concept in behavioral science, political theory and economics which proposes positive reinforcement and indirect suggestions as ways to influence the behavior and decision making of groups or individuals—in other words, it's "a way to manipulate people's choices to lead them to make specific decisions".


title: Behavioral economics

text: Nudging contrasts with other ways to achieve compliance, such as education, legislation or enforcement. The concept has influenced British and American politicians. Several nudge units exist around the world at the national level (UK, Germany, Japan and others) as well as at the international level (OECD, World Bank, UN).


title: Behavioral economics

text: The first formulation of the term and associated principles was developed in cybernetics by James Wilk before 1995 and described by Brunel University academic D. J. Stewart as "the art of the nudge" (sometimes referred to as micronudges). It also drew on methodological influences from clinical psychotherapy tracing back to Gregory Bateson, including contributions from Milton Erickson, Watzlawick, Weakland and Fisch, and Bill O'Hanlon. In this variant, the nudge is a microtargeted design geared towards a specific group of people, irrespective of the scale of intended intervention.


title: Behavioral economics

text: In 2008, Richard Thaler and Cass Sunstein's book "Nudge: Improving Decisions About Health, Wealth, and Happiness" brought nudge theory to prominence. It also gained a following among US and UK politicians, in the private sector and in public health. The authors refer to influencing behavior without coercion as libertarian paternalism and the influencers as choice architects. Thaler and Sunstein defined their concept as:


title: Behavioral economics

text: In this form, drawing on behavioral economics, the nudge is more generally applied to influence behavior.


title: Behavioral economics

text: One of the most frequently cited examples of a nudge is the etching of the image of a housefly into the men's room urinals at Amsterdam's Schiphol Airport, which is intended to "improve the aim".


title: Behavioral economics

text: Nudging techniques aim to capitalise on the judgemental heuristics of people. In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome. An example of such a nudge is switching the placement of junk food in a store, so that fruit and other healthy options are located next to the cash register, while junk food is relocated to another part of the store.


title: Behavioral economics

text: In 2008, the United States appointed Sunstein, who helped develop the theory, as administrator of the Office of Information and Regulatory Affairs.


title: Behavioral economics

text: Notable applications of nudge theory include the formation of the British Behavioural Insights Team in 2010. It is often called the "Nudge Unit", at the British Cabinet Office, headed by David Halpern. In addition, the Penn Medicine Nudge Unit is the world's first behavioral design team embedded within a health system.


title: Behavioral economics

text: Both Prime Minister David Cameron and President Barack Obama sought to employ nudge theory to advance domestic policy goals during their terms.


title: Behavioral economics

text: In Australia, the government of New South Wales established a Behavioural Insights community of practice.


title: Behavioral economics

text: Nudge theory has also been applied to business management and corporate culture, such as in relation to health, safety and environment (HSE) and human resources. Regarding its application to HSE, one of the primary goals of nudge is to achieve a "zero accident culture".


title: Behavioral economics

text: Leading Silicon Valley companies are forerunners in applying nudge theory in a corporate setting. These companies are using nudges in various forms to increase the productivity and happiness of employees. Recently, further companies are gaining interest in using what is called "nudge management" to improve the productivity of their white-collar workers.


title: Behavioral economics

text: Citing the example of restaurant hygiene ratings to 'nudge' consumers towards food safety, it has been argued that mere public disclosure of ratings is not always sufficient to ensure public health safety, with strong variance in effectiveness from country to country.


title: Behavioral economics

text: Tammy Boyce, from public health foundation The King's Fund, has said: "We need to move away from short-term, politically motivated initiatives such as the 'nudging people' idea, which is not based on any good evidence and doesn't help people make long-term behaviour changes."


title: Behavioral economics

text: Cass Sunstein has responded to critiques at length in his "The Ethics of Influence" making the case in favor of nudging against charges that nudges diminish autonomy, threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously. These charges have been made by various participants in the debate from Bovens to Goodwin. Wilkinson for example charges nudges for being manipulative, while others such as Yeung question their scientific credibility.


title: Behavioral economics

text: Some, such as Hausman & Welch have inquired whether nudging should be permissible on grounds of (distributive) justice; Lepenies & Malecka have questioned whether nudges are compatible with the rule of law. Similarly, legal scholars have discussed the role of nudges and the law.


title: Behavioral economics

text: Behavioral economists such as Bob Sugden have pointed out that the underlying normative benchmark of nudging is still homo economicus, despite the proponents' claim to the contrary.


title: Behavioral economics

text: It has been remarked that nudging is also a euphemism for psychological manipulation as practiced in social engineering.


title: Behavioral economics

text: There exists an anticipation and, simultaneously, implicit criticism of the nudge theory in works of Hungarian social psychologists who emphasize the active participation in the nudge of its target (Ferenc Merei and Laszlo Garai).


title: Behavioral economics

text: The most comprehensive study of real-world nudges to date has shown that they have, on average, a 1.4% impact on the outcome variable. This is 1/6th of what the academic studies predict (8.7%). This is based on a study from UC Berkeley looking at 126 RCTs from two different nudge units.


title: Behavioral economics

text: Conventional economics assumes that all people are both rational and selfish. In practice, this is often not the case, which leads to the failure of traditional models. Behavioral economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices. It can be applied both before and after a decision is made.


title: Behavioral economics

text: Before a decision is made, there needs to be a minimum of two options. Behavioral economics employs search heuristics to explain how a person may evaluate their options. Search heuristics is a school of thought that suggests that when making a choice, it is costly to gain information about options and that methods exist to maximise the utility that one might get from searching for information. While each heuristic is not wholistic in its explanation of the search process alone, a combination of these heuristics may be used in the decision-making process. There are three primary search heuristics.


title: Behavioral economics

text: Satisficing is the idea that there is some minimum requirement from the search and once that has been met, stop searching. Following the satisficing heuristic a person may not necessarily acquire the most optimal product (i.e. the one that would grant them the most utility), but would find one that is "good enough". This heuristic may be problematic if the aspiration level is set at such a level that no products exist that could meet the requirements.


title: Behavioral economics

text: Directed cognition is a search heuristic in which a person treats each opportunity to research information as their last. Rather than a contingent plan that indicates what will be done based on the results of each search, directed cognition considers only if one more search should be conducted and what alternative should be researched.


title: Behavioral economics

text: Whereas satisficing and directed cognition compare choices, elimination by aspects compares certain qualities. A person using the elimination by aspects heuristic first chooses the quality that they value most in what they are searching for and sets an aspiration level. This may be repeated to refine the search. i.e. identify the second most valued quality and set an aspiration level. Using this heuristic, options will be eliminated as they fail to meet the minimum requirements of the chosen qualities.


title: Behavioral economics

text: Outside of searching, behavioral economists and psychologists have identified a number of other heuristics and other cognitive effects that affect people's decision making. Some of these include:


title: Behavioral economics

text: Mental accounting refers to the propensity to allocate resources for specific purposes. Mental accounting is a behavioral bias that causes one to separate money into different categories known as mental accounts either based on the source or the intention of the money.


title: Behavioral economics

text: Anchoring describes when people have a mental reference point with which they compare results to. For example, a person who anticipates that the weather on a particular day would be raining, but finds that on the day it is actually clear blue skies, would gain more utility from the pleasant weather because they anticipated that it would be bad.


title: Behavioral economics

text: This is a relatively simple bias that reflects the tendency of people to mimic what everyone else is doing and follow the general consensus. It represents the concept of "wisdom of the crowd".


title: Behavioral economics

text: The framing effect is when individuals are presented with the same set of choices, but the choices are framed in a different manner, and this leads to different choices. In other words, individuals choose differently depending on the way questions are presented to them. People tend to have little control over their susceptibility to the framing effect as often, their choice-making process is based on intuition.


title: Behavioral economics

text: While heuristics are tactics or mental shortcuts to aid in the decision-making process, people are also affected by a number of biases and fallacies. Behavioral economics identifies a number of these biases that negatively affect decision making such as:


title: Behavioral economics

text: Present bias reflects the human tendency to want rewards sooner. It describes people who are more likely to forego a greater payoff in the future in favour of receiving a smaller benefit sooner. An example of this is a smoker who is trying to quit. Although they know that in the future they will suffer health consequences, the immediate gain from the nicotine hit is more favourable to a person affected by present bias. Present bias is commonly split into people who are aware of their present bias (sophisticated) and those who are not (naive).


title: Behavioral economics

text: The gambler's fallacy stems from law of small numbers. It is when an individual believes that an event that has occurred frequently in the past is less likely to occur in the future, despite the probability remaining constant. For example, if a coin had been flipped three times and turned up heads every single time, a person influenced by the gambler's fallacy would predict that the next one ought to be tails because of the abnormal number of heads flipped in the past, even though the probability of a heads occurring is still 50%.


title: Behavioral economics

text: The hot hand fallacy is the opposite of the gambler's fallacy. It is when an individual believes that an event that has occurred frequently in the past is more likely to occur again in the future such that the streak will continue. This fallacy is particularly common within sport. For example, if a football team has consistently won the last few games they have participated in, then it is often said that they are 'on form' and thus, it is expected that the football team will maintain their winning streak.


title: Behavioral economics

text: Narrative fallacy refers to when people use narratives to connect the dots between random events to make sense of arbitrary information. The term stems from Nassim Taleb's book "". Narrative fallacy can be problematic as it can lead to individuals making false cause-effect relationships between events. For example, a startup may get funding because investors are swayed by a narrative that sounds plausible, rather than by a more reasoned analysis of available evidence.


title: Behavioral economics

text: Loss aversion refers to the tendency to place greater weight on losses compared to equivalent gains. In other words, this means that when an individual receives a loss, this will cause their utility to decline more so than the same-sized gain. This means that they are far more likely to try to assign a higher priority on avoiding losses than making investment gains. As a result, some investors might want a higher payout to compensate for losses. If the high payout is not likely, they might try to avoid losses altogether even if the investment's risk is acceptable from a rational standpoint.


title: Behavioral economics

text: When a person places greater expectation on a particular outcome simply because that outcome had just occurred, that person may be affected by recency bias. To return to the coin flipping example, given that the previous one or two flips were heads, a person affected by recency bias would continue to predict that heads would be flipped.


title: Behavioral economics

text: Confirmation bias reflects the tendency to positively favour information this is consistent with one's beliefs, and to negatively favour evidence that is inconsistent with one's beliefs.


title: Behavioral economics

text: Familiarity bias simply describes the tendency of people to return to what they know and are comfortable with. Familiarity bias discourages affected people from exploring new options and may limit their ability to find an optimal solution.


title: Behavioral economics

text: Status quo bias describes the tendency of people to keep things the way they are. It is a particular aversion to change in favor of remaining comfortable with what is known.


title: Behavioral economics

text: Behavioral finance is the study of the influence of psychology on the behavior of investors or financial analysts. It assumes that investors are not always rational, have limits to their self-control and are influenced by their own biases. For example, behavioral law and economics scholars studying the growth of financial firms' technological capabilities have attributed decision science to irrational consumer decisions. It also includes the subsequent effects on the markets. Behavioral Finance attempts to explain the reasoning patterns of investors and measures the influential power of these patterns on the investor's decision making. The central issue in behavioral finance is explaining why market participants make irrational systematic errors contrary to assumption of rational market participants. Such errors affect prices and returns, creating market inefficiencies.


title: Behavioral economics

text: The accepted theories of finance are referred to as traditional finance. The foundation of traditional finance is associated with the modern portfolio theory (MPT) and the efficient-market hypothesis (EMH). Modern portfolio theory is a stock or portfolio's expected return, standard deviation, and its correlation with the other stocks or mutual funds held within the portfolio. With these three concepts, an efficient portfolio can be created for any group of stocks or bonds. An efficient portfolio is a group of stocks that has the maximum (highest) expected return given the amount of risk assumed, contains the lowest possible risk for a given expected return. The efficient-market hypothesis states that all information has already been reflected in a security's price or market value, and that the current price of the stock or bond always trades at its fair value. The proponents of the traditional theories believe that "investors should just own the entire market rather than attempting to outperform the market". Behavioral finance has emerged as an alternative to these theories of traditional finance and the behavioral aspects of psychology and sociology are integral catalysts within this field of study.


title: Behavioral economics

text: The foundations of behavioral finance can be traced back over 150 years. Several original books written in the 1800s and early 1900s marked the beginning of the behavioral finance school. Originally published in 1841, MacKay's "Extraordinary Popular Delusions and the Madness of Crowds" presents a chronological timeline of the various panics and schemes throughout history. This work shows how group behavior applies to the financial markets of today. Le Bon's important work, "", discusses the role of "crowds" (also known as crowd psychology) and group behavior as they apply to the fields of behavioral finance, social psychology, sociology, and history. Selden's 1912 book "Psychology of The Stock Market" was one of the first to apply the field of psychology directly to the stock market. This classic discusses the emotional and psychological forces at work on investors and traders in the financial markets. These three works along with several others form the foundation of applying psychology and sociology to the field of finance. The foundation of behavioral finance is an area based on an interdisciplinary approach including scholars from the social sciences and business schools. From the liberal arts perspective, this includes the fields of psychology, sociology, anthropology, economics and behavioral economics. On the business administration side, this covers areas such as management, marketing, finance, technology and accounting.


title: Behavioral economics

text: Critics contend that behavioral finance is more a collection of anomalies than a true branch of finance and that these anomalies are either quickly priced out of the market or explained by appealing to market microstructure arguments. However, individual cognitive biases are distinct from social biases; the former can be averaged out by the market, while the other can create positive feedback loops that drive the market further and further from a "fair price" equilibrium. It is observed that, the problem with the general area of behavioral finance is that it only serves as a complement to general economics. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies. A specific example of this criticism appears in some explanations of the equity premium puzzle. It is argued that the cause is entry barriers (both practical and psychological) and that the equity premium should reduce as electronic resources open up the stock market to more traders. In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers. In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials.


title: Behavioral economics

text: Quantitative behavioral finance uses mathematical and statistical methodology to understand behavioral biases.


title: Behavioral economics

text: Some financial models used in money management and asset valuation incorporate behavioral finance parameters. Examples:


title: Behavioral economics

text: A handful of comparative psychologists have attempted to demonstrate quasi-economic reasoning in non-human animals. Early attempts along these lines focus on the behavior of rats and pigeons. These studies draw on the tenets of comparative psychology, where the main goal is to discover analogs to human behavior in experimentally-tractable non-human animals. They are also methodologically similar to the work of Ferster and Skinner. Methodological similarities aside, early researchers in non-human economics deviate from behaviorism in their terminology. Although such studies are set up primarily in an operant conditioning chamber using food rewards for pecking/bar-pressing behavior, the researchers describe pecking and bar-pressing not in terms of reinforcement and stimulus-response relationships but instead in terms of work, demand, budget, and labor. Recent studies have adopted a slightly different approach, taking a more evolutionary perspective, comparing economic behavior of humans to a species of non-human primate, the capuchin monkey.


title: Behavioral economics

text: Many early studies of non-human economic reasoning were performed on rats and pigeons in an operant conditioning chamber. These studies looked at things like peck rate (in the case of the pigeon) and bar-pressing rate (in the case of the rat) given certain conditions of reward. Early researchers claim, for example, that response pattern (pecking/bar-pressing rate) is an appropriate analogy to human labor supply. Researchers in this field advocate for the appropriateness of using animal economic behavior to understand the elementary components of human economic behavior. In a paper by Battalio, Green, and Kagel, they write,


title: Behavioral economics

text: The typical laboratory environment to study labor supply in pigeons is set up as follows. Pigeons are first deprived of food. Since the animals become hungry, food becomes highly desired. The pigeons are then placed in an operant conditioning chamber and through orienting and exploring the environment of the chamber they discover that by pecking a small disk located on one side of the chamber, food is delivered to them. In effect, pecking behavior becomes reinforced, as it is associated with food. Before long, the pigeon pecks at the disk (or stimulus) regularly.


title: Behavioral economics

text: In this circumstance, the pigeon is said to "work" for the food by pecking. The food, then, is thought of as the currency. The value of the currency can be adjusted in several ways, including the amount of food delivered, the rate of food delivery and the type of food delivered (some foods are more desirable than others).


title: Behavioral economics

text: Economic behavior similar to that observed in humans is discovered when the hungry pigeons stop working/work less when the reward is reduced. Researchers argue that this is similar to labor supply behavior in humans. That is, like humans (who, even in need, will only work so much for a given wage), the pigeons demonstrate decreases in pecking (work) when the reward (value) is reduced.


title: Behavioral economics

text: In human economics, a typical demand curve has negative slope. This means that as the price of a certain good increase, the amount that consumers are willing and able to purchase decreases. Researchers studying the demand curves of non-human animals, such as rats, also find downward slopes.


title: Behavioral economics

text: Researchers have studied demand in rats in a manner distinct from studying labor supply in pigeons. Specifically, in an operant conditioning chamber containing rats as experimental subjects, we require them to press a bar, instead of pecking a small disk, to receive a reward. The reward can be food (reward pellets), water, or a commodity drink such as cherry cola. Unlike in previous pigeon studies, where the work analog was pecking and the monetary analog was a reward, the work analog in this experiment is bar-pressing. Under these circumstances, the researchers claim that changing the number of bar presses required to obtain a commodity item is analogous to changing the price of a commodity item in human economics.


title: Behavioral economics

text: In effect, results of demand studies in non-human animals show that, as the bar-pressing requirement (cost) increase, the number of times an animal presses the bar equal to or greater than the bar-pressing requirement (payment) decreases.


title: Behavioral economics

text: Behavioral economics has been applied to intertemporal choice, which is defined as making a decision and having the effects of such decision happening in a different time. Intertemporal choice behavior is largely inconsistent, as exemplified by George Ainslie's hyperbolic discounting—one of the prominently studied observations—and further developed by David Laibson, Ted O'Donoghue and Matthew Rabin. Hyperbolic discounting describes the tendency to discount outcomes in the near future more than outcomes in the far future. This pattern of discounting is dynamically inconsistent (or time-inconsistent), and therefore inconsistent with basic models of rational choice, since the rate of discount between time "t" and "t+1" will be low at time "t-1" when "t" is the near future, but high at time "t" when "t" is the present and time "t+1" is the near future.


title: Behavioral economics

text: This pattern can also be explained through models of sub-additive discounting that distinguish the delay and interval of discounting: people are less patient (per-time-unit) over shorter intervals regardless of when they occur.


title: Behavioral economics

text: Behavioral game theory, invented by Colin Camerer, analyzes interactive strategic decisions and behavior using the methods of game theory, experimental economics, and experimental psychology. Experiments include testing deviations from typical simplifications of economic theory such as the independence axiom and neglect of altruism, fairness, and framing effects. On the positive side, the method has been applied to interactive learning and social preferences. As a research program, the subject is a development of the last three decades.


title: Behavioral economics

text: Much of the decisions are more and more made either by human beings with the assistance of artificial intelligent machines or wholly made by these machines. Tshilidzi Marwala and Evan Hurwitz in their book, studied the utility of behavioral economics in such situations and concluded that these intelligent machines reduce the impact of bounded rational decision making. In particular, they observed that these intelligent machines reduce the degree of information asymmetry in the market, improve decision making and thus making markets more rational.


title: Behavioral economics

text: The use of AI machines in the market in applications such as online trading and decision making has changed major economic theories. Other theories where AI has had impact include in rational choice, rational expectations, game theory, Lewis turning point, portfolio optimization and counterfactual thinking.


title: Behavioral economics

text: Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences. Ernst Fehr, Armin Falk, and Rabin studied fairness, inequity aversion and reciprocal altruism, weakening the neoclassical assumption of perfect selfishness. This work is particularly applicable to wage setting. The work on "intrinsic motivation by Uri Gneezy and Aldo Rustichini and "identity" by George Akerlof and Rachel Kranton assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.


title: Behavioral economics

text: "Conditional expected utility" is a form of reasoning where the individual has an illusion of control, and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events.


title: Behavioral economics

text: Behavioral economics caught on among the general public with the success of books such as Dan Ariely's "Predictably Irrational." Practitioners of the discipline have studied quasi-public policy topics such as broadband mapping.


title: Behavioral economics

text: Applications for behavioral economics include the modeling of the consumer decision-making process for applications in artificial intelligence and machine learning. The Silicon Valley-based start-up Singularities is using the AGM postulates proposed by Alchourrón, Gärdenfors, and Makinson—the formalization of the concepts of beliefs and change for rational entities—in a symbolic logic to create a "machine learning and deduction engine that uses the latest data science and big data algorithms in order to generate the content and conditional rules (counterfactuals) that capture customer's behaviors and beliefs."


title: Behavioral economics

text: The University of Pennsylvania's Center for Health Incentives & Behavioral Economics (CHIBE) looks at how behavioral economics can improve health outcomes. CHIBE researchers have found evidence that many behavioral economics principles (incentives, patient and clinician nudges, gamification, loss aversion, and more) can be helpful to encourage vaccine uptake, smoking cessation, medication adherence, and physical activity, for example.


title: Behavioral economics

text: Applications of behavioral economics also exist in other disciplines, for example in the area of supply chain management.


title: Behavioral economics

text: From a biological point of view, human behaviors are essentially the same during crises accompanied by stock market crashes and during bubble growth when share prices exceed historic highs. During those periods, most market participants see something new for themselves, and this inevitably induces a stress response in them with accompanying changes in their endocrine profiles and motivations. The result is quantitative and qualitative changes in behavior. This is one example where behavior affecting economics and finance can be observed and variably-contrasted using behavioral economics.


title: Behavioral economics

text: Behavioral economics' usefulness applies beyond environments similar to stock exchanges. Selfish-reasoning, 'adult behaviors', and similar, can be identified within criminal-concealment(s), and legal-deficiencies and neglect of different types can be observed and discovered. Awareness of indirect consequence (or lack of), at least in potential with different experimental models and methods, can be used as well—behavioral economics' potential uses are broad, but its reliability needs scrutiny. Underestimation of the role of novelty as a stressor is the primary shortcoming of current approaches for market research. It is necessary to account for the biologically determined diphasisms of human behavior in everyday low-stress conditions and in response to stressors. Limitations of experimental methods (e.g. randomized control trials) and their use in economics were famously analyzed by Angus Deaton.


title: Behavioral economics

text: In 1978 Herbert Simon was awarded the Nobel Memorial Prize in Economic Sciences "for his pioneering research into the decision-making process within economic organizations". Simon earned his Bachelor of Arts and his Ph.D. in Political Science from the University of Chicago before going on to teach at Carnegie Tech. Herbert was praised for his work on bounded rationality, a challenge to the assumption that humans are rational actors.


title: Behavioral economics

text: The Royal Swedish Academy of Sciences stated George Akerlof, Michael Spence and Joseph Stiglitz received the Nobel Memorial Prize in Economic Sciences in 2001 "for their analyses of markets with asymmetric information." Akerlof's work looked into adverse selection, emphasizing the importance of information within markets, while Spence and Stiglitz made insights on signalling and screening, respectively. Their work on markets challenged standard theories within economics.


title: Behavioral economics

text: In 2002, psychologist Daniel Kahneman and economist Vernon L. Smith were awarded the Nobel Memorial Prize in Economic Sciences. Kahneman was awarded the prize "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty", while Smith was awarded the prize "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."


title: Behavioral economics

text: In 2013, economist Robert J. Shiller received the Nobel Memorial Prize in Economic Sciences along with Eugene Fama and Lars Peter "for their empirical analysis of asset prices" within the field of behavioral finance, as according to the press release from the Royal Swedish Academy of Sciences. Shiller discovered that one can more accurately predict stock prices in the long-run compared to the short run. He also hypothesized that rational actors cannot be responsible for stock prices in the short-run due to uniquely large fluctuations.


title: Behavioral economics

text: In 2017, economist Richard Thaler was awarded the Nobel Memorial Prize in Economic Sciences for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory." Thaler was especially recognized for presenting inconsistencies in standard Economic theory and for his formulation of mental accounting and liberal paternalism.


title: Behavioral economics

text: The work of Andrei Shleifer focused on behavioral finance and made observations on the limits of the efficient market hypothesis. Shleifer received the 1999 John Bates Clark Medal from the American Economic Association for his work.


title: Behavioral economics

text: Matthew Rabin received the "genius" award from the MarArthur Foundation in 2000. The American Economic Association chose Rabin as the recipient of the 2001 John Bates Clark medal. Rabin's awards were given to him primarily on the basis of his work on fairness and reciprocity, and on present bias.


title: Behavioral economics

text: Sendhil Mullainathan was the youngest of the chosen MacArthur Fellows in 2002, receiving a fellowship grant of $500,000 in 2003. Mullainathan was praised by the MacArthur Foundation as working on economics and psychology as an aggregate. Mullainathan's research focused on the salaries of executives on Wall Street; he also has looked at the implications of racial discrimination in markets in the United States.


title: Behavioral economics

text: Experimental psychological work by Kahneman and Tversky published in Armen Alchian's 1950 paper "Uncertainty, Evolution, and Economic Theory" and Gary Becker's 1962 paper "Irrational Behavior and Economic Theory", both of which were published in the "Journal of Political Economy", provide a justification for standard neoclassical economic analysis. Alchian's 1950 paper uses the logic of natural selection, stochastic processes, probability theory, and several other lines of reasoning to justify many of the results derived from standard supply analysis assuming firms which maximizing their profits, are certain about the future, and have accurate foresight without having to assume any of those things. Becker's 1962 paper shows that downward sloping market demand curves do not actually require an assumption that the consumers in that market are rational, as is claimed by behavioral economists and they also follow from a wide variety of irrational behavior as well. The two papers laid the groundwork for Richard Thaler's work.


title: Behavioral economics

text: Critics of behavioral economics typically stress the rationality of economic agents. A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.


title: Behavioral economics

text: Others, such as the essayist and former trader Nassim Taleb note that cognitive theories, such as prospect theory, are models of decision-making, not generalized economic behavior, and are only applicable to the sort of once-off decision problems presented to experiment participants or survey respondents. Others argue that decision-making models, such as the endowment effect theory, that have been widely accepted by behavioral economists may be erroneously established as a consequence of poor experimental design practices that do not adequately control subject misconceptions.


title: Behavioral economics

text: Despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no alternative unified theory of their own to replace neoclassical economics with.


title: Behavioral economics

text: David Gal has argued that many of these issues stem from behavioral economics being too concerned with understanding "how" behavior deviates from standard economic models rather than with understanding "why" people behave the way they do. Understanding why behavior occurs is necessary for the creation of generalizable knowledge, the goal of science. He has referred to behavioral economics as a "triumph of marketing" and particularly cited the example of loss aversion.


title: Behavioral economics

text: Traditional economists are skeptical of the experimental and survey-based techniques that behavioral economics uses extensively. Economists typically stress revealed preferences over stated preferences (from surveys) in the determination of economic value. Experiments and surveys are at risk of systemic biases, strategic behavior and lack of incentive compatibility. Some researchers point out that participants of experiments conducted by behavioral economists are not representative enough and drawing broad conclusions on the basis of such experiments is not possible. An acronym WEIRD has been coined in order to describe the studies participants—as those who come from Western, Educated, Industrialized, Rich, and Democratic societies.


title: Behavioral economics

text: Matthew Rabin dismisses these criticisms, countering that consistent results typically are obtained in multiple situations and geographies and can produce good theoretical insight. Behavioral economists, however, responded to these criticisms by focusing on field studies rather than lab experiments. Some economists see a fundamental schism between experimental economics and behavioral economics, but prominent behavioral and experimental economists tend to share techniques and approaches in answering common questions. For example, behavioral economists are investigating neuroeconomics, which is entirely experimental and has not been verified in the field.


title: Behavioral economics

text: The epistemological, ontological, and methodological components of behavioral economics are increasingly debated, in particular by historians of economics and economic methodologists.


title: Behavioral economics

text: According to some researchers, when studying the mechanisms that form the basis of decision-making, especially financial decision-making, it is necessary to recognize that most decisions are made under stress because, "Stress is the nonspecific body response to any demands presented to it."


title: Behavioral economics

text: Experimental economics is the application of experimental methods, including statistical, econometric, and computational, to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).


title: Behavioral economics

text: A fundamental aspect of the subject is design of experiments. Experiments may be conducted in the field or in laboratory settings, whether of individual or group behavior.


title: Behavioral economics

text: Neuroeconomics is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to follow a course of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can constrain and guide models of economics. It combines research methods from neuroscience, experimental and behavioral economics, and cognitive and social psychology. As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from theoretical biology, computer science, and mathematics.


title: Behavioral economics

text: Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In mainstream economics, expected utility (EU) and the concept of rational agents are still being used. Many economic behaviors are not fully explained by these models, such as heuristics and framing. Behavioral economics emerged to account for these anomalies by integrating social, cognitive, and emotional factors in understanding economic decisions. Neuroeconomics adds another layer by using neuroscientific methods in understanding the interplay between economic behavior and neural mechanisms. By using tools from various fields, some scholars claim that neuroeconomics offers a more integrative way of understanding decision making.