This is a weekly online seminar series on behavioral research.
The schedule posted below is for Fall 2020. To access Summer 2020 seminars and links to recordings, please visit this link: .htm.
Most past seminars can be viewed on our YouTube Channel.
Pacific Time: 9AM-10AM
Eastern Time: 12PM-1PM
Barcelona Time: 6PM-7PM
FRIDAY SEPTEMBER 25TH
Devin Pope (.htm) – University of Chicago
Title: Unveiling the Law of Demand Using a Large-Scale Natural Field Experiment
Abstract: Perhaps the most fundamental tenet in economics is the Law of Demand. Previous theoretical work and laboratory experiments reveal that even markets populated by irrational (“behavioral”) consumers yield the Law of Demand at the market level. We approach the problem in a fundamentally different manner—rather than showing existence of the Law under varying behavioral assumptions, we embrace a well-known behavioral bias—left-digit bias—to measure its “behavioral contribution” to the Law of Demand. Combining a natural field experiment that included over 21 million Lyft passengers with observational data from over 600 million Lyft rides, we report four key insights. First, the Law of Demand consistently holds in the overall market data. Second, the “behavioral contribution” to the Law of Demand (effects of price changes from $12.00 to $11.99, for example) is responsible for roughly half of the downward slope of the demand curve, even though such changes are only 1/100th of the overall price variation. Third, relative behavioral contributions are similar when estimating cross-price elasticities between Lyft's main products. Fourth, fully accounting for left-digit bias in pricing can generate up to $40.5 million annually in additional profit for Lyft. Our overarching scientific message is that fundamental tenets in economics might have deeper behavioral underpinnings than most believe.
Panel: Christine Exley, Tatiana Homonoff, Kelly Shue, and Richard Thaler
FRIDAY OCTOBER 2ND
Jason Dana (.htm) – Yale University
FRIDAY OCTOBER 9TH
Maya Bar Hillel (.htm) – Hebrew University of Jerusalem
FRIDAY OCTOBER 16TH
Alex Todorov (.htm) – University of Chicago
FRIDAY OCTOBER 23RD
Rebecca Schaumberg (.htm) – University of Pennsylvania
FRIDAY NOVEMBER 6TH
Jen Dannals (.htm) – Dartmouth
FRIDAY NOVEMBER 13TH
Juliana Schroeder (.htm) – Berkeley
FRIDAY SEPTEMBER 18TH
Michael Norton (.htm) – Harvard University
Title: The Psychology of Ritual
Abstract: Rituals are ubiquitous in our personal lives – enacted before performances or during family holidays – and in our interactions with firms – from sports fans doing the “wave” to customers being served wine after an elaborate uncorking. Our research has documented the benefits of rituals in domains ranging from grief recovery to chocolate consumption to team performance to singing Journey’s “Don’t Stop Believing.” And, we have identified the psychological underpinnings of rituals, demonstrating how they can lead to increased immersion in experiences, greater feelings of control, reduced anxiety, and increased liking for teammates.
Panel: Mickey Inzlicht, Alice Moon, Jane Risen, and Kathleen Vohs
Link To Video: https://www.youtube.com/watch?v=lucMnR8tYog
LESS RECENT SEMINARS (.htm)