A Research Study On Behavioral Economics

1956 WordsApr 19, 20168 Pages
The specific area of interest I focused on for this assignment is Behavioural Economics. Behavioural Economics (BE) is a scientific discipline that involves the study of a variety of effects on the economic decisions made both by institutions and individuals (Lunn, 2014). This is a dynamic and exciting field and sub-discipline within the field of economics that has gained much popularity in recent years. Behavioural economists have the opportunity to make important contributions in a variety of fields, including marketing and advertising, policy making, and in many other industries. In this essay, I discuss the field of Behavioural Economics and explore current trends and important knowledge helpful for anyone interested in a future career in this area. It is argued that Behavioural Economics is far more than a passing trend and will only grow in importance, particularly in public policy making; at the same time, researchers in the field need to start addressing some of the theoretical and conceptual problems in the field if BE is to truly realize its potential. Key Findings At its heart, BE is about helping make economic theory more capable of explaining economic behaviours and decisions by providing more realistic foundations in psychology (Camerer & Loewenstein, 2004). The considerable popularity the field has gained in recent years has prompted questions regarding whether it is a passing trend, or a field with lasting influence for a variety of industries and areas of
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