Behavioral Economics: Difference between revisions
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<center> Economics traditionally conceptualizes the world according to the assumption that the entire population is comprised of equally informed, educated, and equity maximizing individuals (Homo Economicus). It is argued that behavioral and psychological insights could improve the understanding of economic decisions by: 1. Identifying way in which behavior differs from the standard Homo Economicus model, and 2. showing how this behavior manifests itself in economic terms (Mullainathan and Thaler 2) </center> | <center> Economics traditionally conceptualizes the world according to the assumption that the entire population is comprised of equally informed, educated, and equity maximizing individuals (Homo Economicus). It is argued that behavioral and psychological insights could improve the understanding of economic decisions by: 1. Identifying way in which behavior differs from the standard Homo Economicus model, and 2. showing how this behavior manifests itself in economic terms (Mullainathan and Thaler 2) </center> | ||
'''Two Components of Behavioral Economics''' | |||
#Identifying the ways in which behavior differs from the standard model | |||
#Showing how this behavior matters in economic context | |||
{{Behavioral Economics Nav Bar}} | {{Behavioral Economics Nav Bar}} | ||
Revision as of 19:48, 1 May 2007
Behavioral Economics
Overview
Two Components of Behavioral Economics
- Identifying the ways in which behavior differs from the standard model
- Showing how this behavior matters in economic context
