Behavioral economics emerged as a subfield of economics focusing on the fact people did not quite act and react like the consistently rational, self-interested, utility-maximizing agents in the classical models. We are bamboozled by biases, fooled by fallacies, entrapped by errors, hoodwinked by heuristics, deluded by illusions.
The deviations from the standard model had to be captured somehow, and psychology provided a basis for doing so.
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CURATED FROM
There Is More to Behavioral Economics Than Biases and Fallacies - Behavioral Scientist
behavioralscientist.org
4 ideas
·84 reads
IDEAS CURATED BY
Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
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