Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, could you help write reflective journal on the school of thought Behavioural Economics Thanks Behavioural Economics Behavioral economics is grounded in empirical observations of

Hi, could you help write reflective journal on the school of thought "Behavioural Economics" Thanks

image text in transcribed
Behavioural Economics Behavioral economics is grounded in empirical observations of human behavior, which have demonstrated that people do not always make what neoclassical economists consider the \"rational" or \"optimal" decision, even if they have the information and the tools available to do so. For example, why do people often avoid or delay investing in 40lks or exercising, even if they know that doing those things would benefit them? And why do gamblers often risk more after both winning and losing, even though the odds remain the same, regardless of \"streaks"? By asking questions like these and identifying answers through experiments, the field of behavioral economics considers people as human beings who are subject to emotion and impulsivity, and who are influenced by their environments and circumstances. This characterization draws a contrast to traditional economic models that have treated people as purely rational actorswho have perfect self-control and never lose sight of their long-term goalsor as people who occasionally make random errors that cancel out in the long run. Behavioral economics research have helped economists better understand human economic behavior. From these principles, Dmicl Amos Tvorlky Kahnoman No... See Summary Kahneman : Advanced information on the Prize in Eggngmig M (nobelprizeprgl httpszl advan

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Inflation, Unemployment And Capital Malformations

Authors: Bernard Schmitt, Xavier Bradley, Alvaro Cencini

1st Edition

0429767064, 9780429767067

More Books

Students also viewed these Economics questions

Question

What are some of the topics they study?

Answered: 1 week ago