Behavioral economics
It is a field of study bringing together knowledge from psychology and economics to reveal how real people behave in the real world.
- This is in contrast to the traditional economic view of human behavior, which assumed people always behave in accordance with rational, stable interests.
- The field largely began in the 1960s and 1970s with the work of psychologists Amos Tversky and Daniel Kahneman.
- Behavioral economics posits that people often make decisions and judgments under uncertainty using imperfect heuristics.
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