![]() Guide to behavioral economics terms What is behavioral economics?īehavioral economics is grounded in empirical observations of human behavior, which have demonstrated that people do not always make what neoclassical economists consider the “rational” or “optimal” decision, even if they have the information and the tools available to do so.įor example, why do people often avoid or delay investing in 401ks or exercising, even if they know that doing those things would benefit them? And why do gamblers often risk more after both winning and losing, even though the odds remain the same, regardless of “streaks”?īy asking questions like these and identifying answers through experiments, the field of behavioral economics considers people as human beings who are subject to emotion and impulsivity, and who are influenced by their environments and circumstances. What is a “nudge” in behavioral economics? What role have Richard Thaler and University of Chicago economists played in the development of the field? What are the origins of behavioral economics research, and who are Tversky and Kahneman? ![]()
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