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Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
Motivation crowding theory is the theory from psychology and microeconomics suggesting that providing extrinsic incentives for certain kinds of behavior—such as promising monetary rewards for accomplishing some task—can sometimes undermine intrinsic motivation for performing that behavior.
Behavioral game theory seeks to examine how people's strategic decision-making behavior is shaped by social preferences, social utility and other psychological factors. [1] Behavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory , [ 2 ] experimental economics , and experimental psychology .
Overconfidence effect, a tendency to have excessive confidence in one's own answers to questions. For example, for certain types of questions, answers that people rate as "99% certain" turn out to be wrong 40% of the time. [5] [43] [44] [45] Planning fallacy, the tendency for people to underestimate the time it will take them to complete a ...
A status quo bias or default bias is a cognitive bias which results from a preference for the maintenance of one's existing state of affairs. [1] The current baseline (or status quo) is taken as a reference point, and any change from that baseline is perceived as a loss or gain.
An example of this effect was seen during economic crises such as the 2008 financial crash, when panic induced sell-offs heavily impacted market stability. The period prior to the Great Recession had a "decade-long expansion in US housing market activity peaked in 2006 [4]," which came to a halt in 2007. As the trends prior to 2008 hinted at ...
Examples of such partitioning of options include the division of a household budget into categories (e.g. rent, food, utilities, transportation etc.), or categories of investments within a portfolio (e.g. real estate, stocks, bonds, etc.), while examples of partitioning attributes include the manner in which attributes are grouped together for ...
A token economy is a system of contingency management based on the systematic reinforcement of target behavior. The reinforcers are symbols or tokens that can be exchanged for other reinforcers. [1] A token economy is based on the principles of operant conditioning and behavioral economics and can be situated within applied behavior analysis ...