Behavioral Economics: A systematic literature review of the heuristics of representativeness, availability and anchoring in primary and secondary school students.

Marina Kazakou

Behavioral Economics: A systematic literature review of the heuristics of representativeness, availability and anchoring in primary and secondary school students

PDF (English)

Δημοσιευμένα: Σεπ 4, 2024

Λέξεις-κλειδιά:

heuristics, representativeness, availability, anchoring, education ευρετικές, αντιπροσωπευτικότητα, διαθεσιμότητα, αγκίστρωση, εκπαίδευση

Marina Kazakou

2nd Senior High School of Artemis

Περίληψη

Abstract

The purpose of this systematic literature review was to examine empirical studies that have researched the heuristics of representativeness, availability and anchoring in primary and secondary school students. The initial search yielded 7,969 results, of which nine articles were selected and included in the final analysis. The main findings were that all the research showed findings of the heuristic of representativeness and availability in primary and secondary school students, but no research was found on the heuristic of anchoring. The findings of the review may be useful to educators and researchers of behavioral economics in education.

Λεπτομέρειες άρθρου

Ενότητα
Εισηγήσεις

Αυτή η εργασία είναι αδειοδοτημένη υπό το CC Αναφορά Δημιουργού 4.0.

Οι συγγραφείς των άρθρων που δημοσιεύονται στα πρακτικά του συνεδρίου για την «Εκπαίδευση, Δια Βίου Μάθηση, Έρευνα και Τεχνολογική Ανάπτυξη, Καινοτομία και Οικονομία»διατηρούν τα δικαιώματα πνευματικής ιδιοκτησίας επί των άρθρων τους. Άρθρα που δημοσιεύονται στα πρακτικά διατίθενται με άδεια Creative Commons 4.0 και σύμφωνα με την άδεια μπορούν να χρησιμοποιούνται ελεύθερα, με αναφορά στο/στη συγγραφέα και στην πρώτη δημοσίευση για μη κερδοσκοπικούς σκοπούς και με δικαίωμα τροποποίησης μόνον με παρόμοια διανομή (αν αναμείξετε, τροποποιήσετε, ή δημιουργήσετε πάνω στο υλικό, πρέπει να διανείμετε τις δικές σας συνεισφορές υπό την ίδια άδεια όπως και το πρωτότυπο)

Αναφορές

Afantiti-Lamprianou, T. and Williams, J. (2003). A scale for assessing probabilistic thinking and the representativeness tendency, Research in Mathematics Education, 5(1), 173-196.

Altman, M. (2012). Implications of Behavioural Economics for Financial Literacy and Public Policy, The Journal of Socio-Economics, 41, 677-690.

Angrist, J. and Lavy, V. (2009). The effects of high stakes high school achievement awards: evidence from a randomized trial, American Economic Review, 99(4), 1384-1414.

Angrist, J., Bettinger, E. and Kremer, M. (2006). Long-term educational consequences of secondary school vouchers: evidence from administrative records in Colombia, American Economic Review, 96(3), 847–862.

Ariely, D. and Wertenbroch, K. (2002). Procrastination, deadlines, and performance: Self-control by pre-commitment, Psychological Science, 13(3), 219–24.

Arkes, H. R. and Blumer, C. (1985). The psychology of sunk cost, Organizational Behavior and Human Decision Processes, 35(1), 124-140.

Arnott, D. and Gao, S. (2019). Behavioral Economics for Decision Support Systems Researchers. Decision Support Systems, 122, 1-12.

Behrman, J. R., Sengupta, P. and Todd, P. (2005). Progressing through PROGRESA: an impact assessment of a school subsidy experiment in rural Mexico, Economic Development and Cultural Change, 54(1), 237–75.

Belzil, C. and Leonardi, M. (2007). Risk aversion and schooling decisions, Labour Economics, 14, 957-970.

Bereby-Meyer, Y., Meyer, J. and Flascher, O. M. (2002). Prospect Theory Analysis of Guessing in Multiple Choice Tests, Journal of Behavioral Decision Making, 15, 313-327.

Bernard, S., Clement, F., Mercier, H. (2016). Wishful thinking in preschoolers, Journal of Experimental Child Psychology, 141, 267-274.

Bettinger, E. (2012). Paying to learn: the effect of financial incentives on elementary school test scores, The Review of Economics and Statistics, 94(3), 686–698.

Bettinger, E. and Slonim, R. (2007). Patience among children, Journal of Public Economics, 91(1–2), 343–363.

Bilek, J. and Jirasek, M. (2018). Representativeness heuristics: A literature review of its impacts on the quality of decision-making, Scientific Papers, 43, 29-38.

Bisin, A. and Hyndman, K. (2014). Present-bias, procrastination and deadlines in a field experiment, NBER Working Paper No. 19874.

Brown, S., Ortiz-Nunez, A. and Taylor K. (2012). Parental risk attitudes and children’s academic test scores: Evidence from the US panel study of income dynamics, Scottish Journal of Political Economy, 59(1), 47-70.

Bryman, A. (2012). Social Research Methods.4th edition. New York: Oxford University Press.

Camerer, C. F., Loewenstein, G., Rabin, M. ed. (2004). Advances in Behavioral Economics. New York: Princeton University Press.

Castilla, C. (2014). Field experiments in a course on behavioral economics: Nudging students around campus, The Journal of Economic Education, 45(3), 211-224.

Castillo, M., Ferraro, P.J., Jordan, J.L. and Petrie, R. (2011). The today and tomorrow of kids: time preferences and educational outcomes of children, Journal of Public Economics, 95(11-12), 1377–1385.

Castro Sotos, A. E., Vanhoof, S., Van den Noortgate, W. and Onghena, P. (2007). Students’ misconceptions of statistical inference: A review of the empirical evidence from research on statistics education, Educational Research Review, 2, 98-113.

Checchi, D., Fiorio, C. V. and Leonardi, M. (2014). Parents’ risk aversion and children’s educational attainment, Labour Economics, 30, 164-175.

Da Silva Rosa, R. and Durand, R. B. (2007). The role of salience in portfolio formation, Pacific-Basin Finance Journal,16, 78-94.

Davidson, D. (1995). The Representativeness Heuristic and the Conjunction Fallacy Effect in Children’s Decision Making, Merrill-Palmer Quarterly, 41(3), 328-346.

DellaVigna, S. (2009). Psychology and Economics: Evidence from the Field. Journal of Economic Literature, 47(2), 315-372.

Dewey, J. (1958). Democracy and Education. New York: The Macmillan Company.

DiMatteo, J. (2016). A Nudge Towards Excellence: The Application of Behavioral Economics in Education Policy, HON499 projects. 1.

Duckworth, A. L. (2011). The significance of self-control, Proceedings of the National Academy of Sciences, 108(7), 2639–40.

Fast, G. R. (1997). Using analogies to overcome student teachers’ probability misconceptions, The Journal of Mathematical Behavior, 16, 325-344.

Filippin, A. and Paccagnella, M. (2012). Family background, self-confidence and economic outcomes, Economics of Education Review, 31, 824–834.

Fossen, F. M. and Glocker, D. (2017). Stated and revealed heterogeneous risk preferences in educational choice, European Economic Review, 97, 1-25.

Fryer, R. (2011). Financial incentives and student achievement: evidence from randomized trials,The Quarterly Journal of Economics, 126, 1755–98.

Furnham, A. and Boo, H. C. (2011).A Literature Review of the Anchoring Effect, The Journal of Socio-Economics, 40, 35-42.

Gelman, A. and Glickman, M. E. (2000). Some Class-Participation Demonstrations for Introductory Probability and Statistics, Journal of Educational and Behavioral Statistics, 25(1), 84-100.

Geurten, M., Willems, S., Germain, S. and Meulemans, T. (2015). Less is more: The availability heuristic in early childhood, British Journal of Developmental Psychology, 33, 405-410.

Goldstein, D. G. and Gigerenzer, G. (2002). Models of Ecological Rationality: The Recognition Heuristic, Psychological Review, 109(1), 75-90.

Golsteyn, B.H., Grönqvist, H. and Lindahl, L. (2014). Adolescent time preferences predict lifetime outcomes, The Economic Journal, 124(580), 739-761.

Gualtieri, S. (2018). The development of the representativeness heuristic in young children, Journal of Experimental Child Psychology, 174, 60-76.

Heath, C., Larrick, R. P. and Wu, G. (1999). Goals as Reference Points, Cognitive Psychology, 38, 79-109.

Jacobs, J. E. and Potenza, M. (1991). The Use of Judgment Heuristics to Make Social and Object Decisions: A Developmental Perspective, Child Development, 62, 166-178.

Kahneman, D. and Tversky, A. (1972). Subjective probability: A judgement of representativeness, Cognitive Psychology, 3, 430–454.

Kahneman, D. and Tversky, A. (1973). On the psychology of prediction, Psychological Review, 80, 237–251.

Kahneman, D., Knetsch, J. L. and Thaler R. H. (1991). Anomalies: The endowment effect, loss aversion, and status quo bias, The Journal of Economic Perspectives, 5(1), 193-206.

Kahneman, D. (2003). Maps of Bounded Rationality: Psychology for Behavioral Economics, The American Economic Review, 93(5), 1449-1475.

Kahneman, D. (2012). Thinking, Fast and Slow. UK: Penguin Books Ltd.

Kunst, M., de Groot, G., Meester, J. and van Doorn, J. (2021). The impact of victim impact statements on legal decisions in criminal proceedings: A systematic review of the literature across jurisdictions and decision types, Aggression and Violent Behavior, 56, 101512.

Lavecchia, A. M., Liu, H. and Oreopoulos, P. (2014). Behavioral Economics of Education: Progress and Possibilities, NBER Working Paper Series.

Leaver, S. (2016). Behavioural Education Economics. In Routledge Handbook for Behavioural Economics. Edited by R. Frantz, S.H. Chen, K. Dopfer, F. Heukelom and S. Mousavi, London: Routledge, 379-397.

Leuven, E., Oosterbeek, H. and Klaauw, B. (2010). The effect of financial rewards on students’ achievement: evidence from a randomized experiment, Journal of European Economic Association, 8(6), 1243–1265.

Levitt, S. D., List, J. A., Neckermann, S. and Sadoff, S. (2012). The behavioralist goes to school: Leveraging behavioral economics to improve educational performance, American Economic Journal: Economic Policy, 8(4), 183-219.

McDermott, R. (2008). Medical decision making: Lessons from psychology, Urologic Oncology: Seminars and Original Investigations, 26, 665-668.

Mischel, W., Ebbesen, E. and Raskoff Zeiss, A. (1972). Cognitive and attentional mechanisms in delay of gratification, Journal of Personality and Social Psychology, 21(2), 204-218.

Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G. and The PRISMA Group (2009). Preferred reporting Items for systematic reviews and meta-analyses: The PRISMA statement, PLOS Medicine, 6(7), e1000097.

Nickerson, R. S. (1998). Confirmation bias: A ubiquitous phenomenon in many guises, Reviews of General Psychology, 2(2), 175-220.

Page, L., Garboua, L. L. and Montmarquette, C. (2001). Aspiration levels and educational choices: An experimental study, Economics of Education Review, 26, 748-758.

Parmigiani, D. (2012). Teachers and Decision-Making Processes: An Italian Exploratory Study on Individual and Collaborative Decisions, Canadian Journal of Education, 35(1), 171-186.

Richie, M. and Josephson, A. (2018). Quantifying Heuristic Bias: Anchoring, Availability and Representativeness, Teaching and Learning in Medicine, 30(1), 67-75.

Ridgway, C. and Ridgway, D. (2010). Understanding Patterns, Streaks and Independence by Grade School Children, Teaching Statistics, 32(2), 34-40.

Rodriguez-Planas, N. (2014). Do youth mentoring programs change the perspectives and improve the life opportunities of at-risk youth? IZA World Labor, 62.

Rubel, L. H. (2007). The Availability Heuristic: A Redux, Journal of Statistics Education, 15(2).

Schwartz, H. (2002). Herbert Simon and behavioral economics. The Journal of Socio-Economics, 31(3), 181-189.

Simon, H. A. (1955). A Behavioral Model of Rational Choice, Quarterly Journal of Economics, 69, 99-118.

Simon, H. A. (1990). Invariants of Human Behavior, Annual Review of Psychology, 41(1), 1-20.

Sutter, M., Kocher, M.G., Rützler, D. and Trautmann, S. (2013). Impatience and uncertainty: experimental decisions predict adolescents’ field behavior, American Economic Review, 103(1), 510–531.

Tabetando, R. (2018). Parental risk aversion and educational investment: panel evidence from rural Uganda, Review of Economics of the Household, 17, 647-670.

Teichman, D. and Zamir, E. (2021). Behavioral Economics and Court Decision-Making, Review of Law & Economics, 17(2), 385-418.

Thaler, R. (1980). Toward a positive theory of consumer choice, Journal of Economic Behavior and Organization, 1, 39-60.

Todd, P. M. (2001). Heuristics for Decision and Choice, International Encyclopedia of the Social & Behavioral Sciences, 6676-6679.

Tranfield, D., Denyer, D. and Smart, P. (2003). Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review, British Journal of Management, 14, 207-222.

Tversky, A. and Kahneman, D. (1973). Availability: A Heuristic for Judging Frequency and Probability, Cognitive Psychology, 5, 207-232.

Tversky, A. and Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases, Science, New Series, 185(4157), 1124-1131.

Wang, H. and Yang, B.Z. (2003). Why competition may discourage students from learning? A behavioral economic analysis, Education Economics, 11(2), 117–128.

Wason, P. C. (1960). On the failure to eliminate hypotheses in a conceptual task, Quarterly Journal of Experimental Psychology, 12(3), 129-140.

Watson, J. and Callingham, R. (2013). Likelihood and sample size: The understandings of students and their teachers, Journal of Mathematical Behavior, 32, 660-672.

Whelehan, D. F., Conlon, K. C. and Ridgway, P. F. (2020). Medicine and heuristics: cognitive biases and medical decision-making, Irish Journal of Medical Science, 189, 1477-1484.

Wilson, C. G., Bond, C. E. and Shipley, T. F. (2019). How can geologic decision-making under uncertainty be improved?, Solid Earth, 10, 1469-1488.

Wolfel, O. and Heineck, G. (2012). Parental risk attitudes and children’s secondary school track choice, Economics of Education Review, 31, 727-743.

Wong, W.-K. (2008). How much time-inconsistency is there and does it matter? Evidence on self-awareness, size and effects, Journal of Economic Behavior and Organization, 68(3–4), 645–656.