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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 ...
Neuroeconomics is an interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can guide models of economics. [1]
Cognitive depletion When a person has to make difficult or complex choices Cognitive overload Being challenging for a person to make rational choices because of the complexity of the choice Framing How a choice is described is called framing. If a choice is framed in more positive ways, it is easier for a person to make that choice
The primary thinking processes, as codified by Goldratt and others: Current reality tree (CRT, similar to the current state map used by many organizations) — evaluates the network of cause-effect relations between the undesirable effects (UDE's, also known as gap elements) and helps to pinpoint the root cause(s) of most of the undesirable effects.
Positive economics as a science concerns the investigation of economic behavior. [4] It deals with empirical facts as well as cause-and-effect relationships. It emphasizes that economic theories must be consistent with existing observations and produce precise, verifiable predictions about the phenomena under investigation.
The behavioral component of attitudes refers to the way an attitude influences how a person acts or behaves. The cognitive component of attitudes refers to the beliefs, thoughts, and attributes that a person associates with an object. Many times a person's attitude might be based on the negative and positive attributes they associate with an ...
Positive illusions are the cognitive processes people engage in when they self-aggrandize or self-enhance. They are unrealistically positive or self-affirming attitudes that individuals hold about themselves, their position, or their environment. They are attitudes of extreme optimism that endure in the face of facts and real conditions.
The Essay has been described as different from earlier writings on economic methodology in generating a range of tightly argued, radical implications from a simple definition, for example in admitting an aspect of behaviour (rather than a list of behaviours) but not limiting the subject-matter of economics, provided that the influence of ...