Behavioral Economics is the application of psychology to the field of economics. It describes the role that psychology plays among consumers, employers, and governments, which then impacts markets and ...

Prospect theory [1, 2, 3] has perhaps been one of the most influential theories within psychology and behavioral economics. Daniel Kahneman won the Nobel prize for this work. Prospect theory and ...

Organizations around the globe are increasingly using insights from the field of behavioral economics to help people make more efficient decisions. Discover how to apply cutting-edge behavioral ...

It is a bit difficult to say what criteria should be used to judge the success or failure of a research initiative on the scale of merging psychology and economics. Two reasonable criteria, at least ...

Sure, the book Nudge may have become a cultural phenomenon that ended up selling millions of copies. And, OK, it resulted in hundreds of governments and countless companies around the world adopting ...

With the amount of messaging that inundates individuals on a daily basis, it can be frustrating for retailers to make their mark. Here is the problem: retailers spend a majority of their time and ...

We don't always behave the way economic models say we will. We don't save enough for retirement. We order dessert when we're supposed to be dieting. We give donations when we could keep our money for ...

In the workplace, it is easy to forget our humanity. In business, people discuss serious topics like the bottom line and strategic planning, therefore it is assumed everyone is driven purely by data ...

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that ...

Behavioral economics helps investors understand irrational market behaviors and customer choices. Examples of behavioral economic theories include loss aversion and sunk-cost fallacy. Recognizing ...

Behavioral economics uses an understanding of human psychology to account for why people deviate from rational action when they’re making decisions. In the model of rational action assumed by ...