Behavioral Economics
Book description
The second edition of Behavioral Economics: The Basics summarizes behavioral economics, which uses insights from the social sciences, especially psychology, to explain real-world economic behavior. Behavioral economic insights are routinely used not only to understand the choices people make but also to influence them, whether the aim is to enable…
Why read it?
1 author picked Behavioral Economics as one of their favorite books. Why do they recommend it?
What grabbed my attention was a section comparing homo economicus with Homer Simpson, rational economic thinking versus the impulsive American comedic icon.
Most economics is based on individuals exercising rational decision-making to achieve maximum personal utility, be this in terms of financial or psychic income.
Their collective response allows statements to be made about aggregated economic behaviour. Such a view is being challenged by behavioural economists who integrate lessons from psychology with the 'laws' of economics.
They believe behaviour is not always driven by a conscious cost-benefit approach but can be influenced by emotional and cultural factors, which can lead…
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