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An Introduction To Behavioral Economics Today

Behavioral economics is the study of why people often make "irrational" decisions that defy traditional economic models. While classical economics assumes humans are perfectly rational "Econs" who maximize utility, behavioral economics integrates psychology to show we are "Humans" influenced by emotions, environment, and cognitive shortcuts. 1. Traditional vs. Behavioral Economics

: Acknowledges bounded rationality —our thinking is limited by time, information, and brain power. It explores the gap between what people "should" do and what they actually do. 2. Core Concepts & Principles An introduction to behavioral economics

The field is defined by several recurring psychological patterns: An Introduction to Behavioral Economics Behavioral economics is the study of why people