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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 ...
Behavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory, [2] experimental economics, and experimental psychology. Experiments include testing deviations from typical simplifications of economic theory such as the independence axiom [3] and neglect of altruism, [4] fairness, [5] and framing ...
Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [1] The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in Economics .
Behavioral economics is included in the JEL classification codes as JEL: D03 Wikimedia Commons has media related to Behavioral economics . The main article for this category is Behavioral economics .
Nudge theory is a concept in behavioral economics, decision making, behavioral policy, social psychology, consumer behavior, and related behavioral sciences [1] [2] ...
A more controversial third paradigm used to elicit the endowment effect is the mere ownership paradigm, primarily used in experiments in psychology, marketing, and organizational behavior. In this paradigm, people who are randomly assigned to receive a good ("owners") evaluate it more positively than people who are not randomly assigned to ...
The authors interpret this difference as theory of minds that cooperators employ to anticipate the opponents' strategies. This is an example of the way social decision making differs from other forms of decision making. In behavioral economics, a heavy criticism is that people do not always act in a fully rational way, as many economic models ...
Behavioral economists and cognitive psychologists looked towards functional brain imaging to experiment and develop their alternative theories of decision-making. While groups of physiologists and neuroscientists looked towards economics to develop their algorithmic models of neural hardware pertaining to choice.