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Behavioral economics and public policy is a field that investigates how the discipline of behavioral economics can be used to enhance the formation, implementation and evaluation of public policy. [ 1 ] [ 2 ] Using behavioral insights, it explores how to make policies more effective, efficient and humane by considering real-world human behavior ...
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 ...
Daniel Kahneman, who won the 2002 Nobel Memorial Prize in Economics for his work developing prospect theory. 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 ...
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 .
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In behavioral economics, the behavioral assumption is that, under their resource constraints, humans are rational actors – they will attempt to maximize their utilities, thereby generating the greatest profit and outcomes. [1] The two most important characteristics of the human under the behavioral assumption are rationality and self-interest.
Butterfly Economics: A New General Theory of Social and Economic Behavior is a book by Paul Ormerod dealing with economic theory, published in 1998. The author uses a plethora of insect-related metaphors to show that an economy tends to function like a living organism and is thus able to learn and to adapt.
For example, inflation is a general economic concept, but to measure inflation requires a model of behavior, so that an economist can differentiate between changes in relative prices and changes in price that are to be attributed to inflation. In addition to their professional academic interest, uses of models include: