Understanding The Economic Model of Human Behavior While based on traditional economics, the economic model of human behavior is conceptually ...
How is Behavioral Economics Different From Classical Economics? Behavioral and classical economics are two opposite realms in economic modeling, and ...
Explaining The Stock Market Boom During A Pending Recession As the novel coronavirus pandemic swept and continues to sweep its ...
Criticisms of Behavioral Economics Critics of behavioural economics offer several arguments against the application of behaviour economics to public policy. ...
Paternalism and Public Policy Problems associated with bounded rationality and bounded self-control have led many behavioural economists to conclude that ...
Bias, Banking and Financial Purchases According to behavioural economists, financial decisions are likely to be subject to decision making bias. ...
Social Norms Social norms affect individual behaviour and choices. A norm is a pattern of behaviour that is widely accepted ...
Decision Making Bias Heuristics Behavioural economist, Herbert Simon, argued that, when faced with complex decisions, individuals (using System 1 thinking) ...
Bounded rationality and self control Bounded rationality Herbert Simon, writing in the 1950s, pioneered the idea that individuals, faced with ...
Decision making systems Following the lead of Nobel Prize winner, Daniel Kahneman, behavioural theorists often use the two systems model ...