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\nMacroeconomics II: Behavioural Macro  \nSummer 2022  \nProf. Dr. Klaus W‰lde (lecture) and Niklas Scheuer (tutorials)  \n[www.macro.economics.uni-mainz.de](www.macro.economics.uni-mainz.de)[ ](www.macro.economics.uni-mainz.de)January 19, 2022  \nContents  \n1 The idea of this lecture 1  \n1.1 Some background on behavioural macroeconomics ................. 1  \n1.2 The structure of the lecture ............................. 2  \nI Emotional Economics 3  \n2 Introduction 3  \n2.1 Some background from the psychological literature ................ 3  \n2.2 Some background from the economic literature ................... 8  \n2.3 ClassiÖcation of emotions ............................... 10  \n3 Which role do emotions play in economic research? 12  \n3.1 Emotions in classical economics ........................... 13  \n3.2 Absence of emotions in neoclassical decision making? ............... 14  \n3.2.1 Preference-based approach .......................... 16  \n3.2.2 Choice-based approach ............................ 20  \n3.2.3 Emotions in neoclassical decision making or not? ............. 24  \n3.3 Emotions in behavioural economics ñthe current view ............... 27  \n3.3.1 Back to Bentham ............................... 28  \n3.3.2 Happiness literature ............................. 31  \n3.3.3 Experienced utility vs. decision utility in theory .............. 34  \n3.4 Exercises ........................................ 36  \n3.4.1 Decision-making: preference-and choice-based approaches ........ 36  \n3.4.2 Happiness and unemployment (Clark & Oswald, 1994) .......... 37  \n4 How do economists model emotions? 38  \n4.1 Background: Expected utility maximization .................... 38  \n4.2 Ex-post emotions ................................... 46  \n4.2.1 Loomes and Sugden (1982) ñregret and rejoicing ............. 47  \n4.2.2 Loomes and Sugdenís motivation ...................... 50  \n4.2.3 Loomes and Sugden (1986) ñdisappointment and elation ......... 53  \n4.2.4 Gul (1991) ................................... 54  \n4.3 Ex-ante emotions-anxiety, worry and fear ..................... 56  \n4.3.1 The setup ................................... 56  \n4.3.2 Optimal behaviour and comparative statics ................. 61  \n4.3.3 Health and fear ................................ 65  \n4.4 Immediate emotions ................................. 70  \n4.4.1 Hunger, thirst, pain, desire .......................... 70  \n4.4.2 Laibson (2001) -Cue theory of consumption ................ 72  \n4.4.3 Stress (W‰lde, 2015) ............................. 78  \n4.5 Belief-based emotions ................................. 88  \n4.5.1 Psychological game theory .......................... 88  \n4.5.2 Game theory: background and extensive form games ........... 89  \n4.5.3 Psychological game theory: the bravery game ............... 90  \n4.5.4 Guilt ...................................... 100  \n4.6 Fairness and altruism ................................. 110  \n4.7 Exercises ........................................ 111  \n4.7.1 Regret theory (Loomes and Sugden, 1982) ................. 111  \n4.7.2 Anticipatory emotions and anxiety (Caplin and Leahy, 2001) ....... 112  \n4.7.3 Immediate emotions and state-dependent preferences ........... 114  \n4.7.4 Cue theory of consumption (Laibson, 2001) ................ 115  \n4.7.5 Stress (W‰lde, 2016) ............................. 116  \n4.7.6 Psychological Game Theory: the Bravery Game .............. 116  \n5 Conclusion 118  \nII Behavioural economics 122  \n6 Introduction 122  \n6.1 General idea ...................................... 122  \n6.2 SpeciÖc papers in behavioural theory ........................ 123  \n6.3 What we do here at JGU ............................... 124  \n7 Bounded willpower and automatic behaviour 125  \n7.1 The plan ........................................ 125  \n7.2 The model ....................................... 126  \n7.3 Individual behaviour ............................","cbCaibCHXvxTKSjc","https://ap.wps.com/l/cbCaibCHXvxTKSjc","pdf",2010935,286,"English","# Contents\n## 1 The idea of this lecture\n## I Emotional Economics\n### 2 Introduction\n### 3 Which role do emotions play in economic research?\n### 4 How do economists model emotions?\n### 5 Conclusion\n## II Behavioural economics\n### 6 Introduction\n### 7 Bounded willpower and automatic behaviour\n### 8 Time consistent and time inconsistent behaviour\n### 9 Conclusion\n## III How behavioural macro could look like\n### 10 Introduction\n### 11 Unemployment and time inconsistency","[{\"question\":\"What is the main purpose of this lecture series?\",\"answer\":\"It introduces behavioural macroeconomics by linking psychological concepts of emotions to economic research and showing how such factors can be incorporated into economic modelling and macroeconomic reasoning.\"},{\"question\":\"How are emotions treated in classical and neoclassical economics versus behavioural economics?\",\"answer\":\"The lecture contrasts the absence or limited role of emotions in classical and neoclassical decision making with current behavioural perspectives, including approaches related to happiness and utility concepts.\"},{\"question\":\"What behavioural topics beyond emotions are covered later in the lecture?\",\"answer\":\"Later sections address behavioural economics mechanisms such as bounded willpower and time consistent versus time inconsistent behaviour, including discounting and unemployment-related implications.\"}]","Macroeconomics II: Behavioural Macro - 2022 - Summer 2022 | PDF",721]