Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.[1][2]
Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory.[3][4] The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion.
Behavioral economics began as a distinct field of study in the 1970s and '80s, but can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires.[5]
The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century.[6][7] Behavioral economics is still growing as a field, being used increasingly in research and in teaching.[8]
^Lin, Tom C. W. (April 16, 2012). "A Behavioral Framework for Securities Risk". Seattle University Law Review. SSRN. SSRN 2040946.
^Zeiler, Kathryn; Teitelbaum, Joshua (March 30, 2018). "Research Handbook on Behavioral Law and Economics". Books.
^"Search of behavioural economics". in Palgrave
^Minton, Elizabeth A.; Kahle, Lynn R. (2013). Belief Systems, Religion, and Behavioral Economics: Marketing in Multicultural Environments. Business Expert Press. ISBN 978-1-60649-704-3.
^Ashraf, Nava; Camerer, Colin F.; Loewenstein, George (2005). "Adam Smith, Behavioral Economist". Journal of Economic Perspectives. 19 (3): 131–45. doi:10.1257/089533005774357897.
^Agner, Erik (2021). A course in Behavioral Economics (3rd ed.). Red Globe Press. pp. 2–4. ISBN 978-1-352-01080-0.
^Sent, Esther-Mirjam (2004). "Behavioral Economics: How Psychology Made Its (Limited) Way Back into Economics". History of Political Economy. 36 (4): 735–760. doi:10.1215/00182702-36-4-735. hdl:2066/67175. ISSN 1527-1919. S2CID 143911190 – via Project MUSE.
^Cite error: The named reference :82 was invoked but never defined (see the help page).
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