Discover Principles of Behavioral Economics, 1st Edition, Sanjit Dhami, HB ISBN: 9781009422338 on Cambridge Aspire website

In the words of Richard Thaler, people behave as humans, not as econs. Individuals’ choices are highly malleable, often shaped by what would otherwise be considered irrelevant factors, particularly the behavioral phenomena discussed in Chapter 2. Behavioral economics is a response to the fact that the traditional economic model, which assumes that rational individuals behave in predictable ways, is incomplete and fails to account for important aspects of human behavior. Evidence from the behavioral sciences has demonstrated the critical role of phenomena such as biased perception, attention bias, memory bias, and complex influences of context in decision making that are not considered in traditional economic models. Behavioral economists have integrated understanding of these phenomena with tools and methods from traditional economic analysis. In this chapter we look first at traditional economic modeling and its role in economic analysis and then discuss the behavioral phenomena that have been particularly important for behavioral economics.

Guide to what is Behavioral Economics. We explain its factors, examples, applications, criticisms, and comparison with behavioral science.

Principles of (Behavioral) Economics. David Laibson, 2015, Paper. "Behavioral economics has become an important and integrated component of modern economics. Behavioral economists embrace the core principles of economics—optimization and equilibrium—and seek to develop and extend those ideas to make them more empirically accurate. Behavioral models assume that economic actors try to pick the best feasible option and those actors sometimes make mistakes. Behavioral ideas should be incorporated throughout the first-year undergraduate course.

Stop assuming humans are rational. Learn what behavioral economics is, from Nudge Theory to the Disposition Effect, and how to outsmart your own biases.

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