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, goes to work, saves for retirement, gives to charity, gets a qualification, sells an old car, gambles on a horse race, cannot quit smoking, etc. It’s also about understanding whether people make good or bad choices, and could be helped to make better choices. At the core of behavioral economics is the conviction that increasing the realism of the psychological underpinnings of economic analysis will improve the field of economics on its own terms – generating theoretical insights, making between predictions of filed phenomena, and suggesting better policy.
Significance Of Behavioral Economics
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, one of the pioneers of behavioral economics, Herbert Simon, distinguishes behavioral economics from contemporary economic theory largely in terms of the analytical significance of behavioral assumptions o the construction of economic theory. As opposed to neoclassical economics, which assumes that the realism of behavioral assumptions are of no analytical consequences, in behavioral economics the realism of behavioral assumptions can be of fundamental analytical importance. Behavioral economics is therefore distinguished by its efforts to test the empirical validity of a theory’s behavioral assumptions and to determine the analytical and policy-related significance of introducing more realistic assumptions into standard theories.
Contributors To Behavioral Economics
Finance is the part of economics where behavioral economics has made the contributions. There are two factors that contributed to the success of behavioral economics. First, in general, the efficient market hypothesis that generated sharp and predictions about observable phenomena. Second, high quality data that available to test sharp predictions. Comparing the contribution of behavioral economics with that of social sciences more generally it is concluded that behavioral economics offers a framework within which these areas can be examined and, indeed, may be a useful channel generally to add the contributions of other social sciences to mainstream economic research.
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