Laboratory experiments provide evidence that the assumptions underlying the economic analysis of human behavior often differ from the mathematical logic of traditional economics and finance. These experiments have established a solid basis for a behavioral approach. Initially, lab experiments...

Urban renewal studies are informative in many respects but most contain surprisingly little economic analysis. Academic works in urban economics, aimed at developing models that explain the urban patterns that have unfolded, do not seem to deal with how to most efficiently achieve the political,...

This paper attempts to provide a substantive introduction to behavioral economics for a general audience, and for introductory and intermediate level students of economics and business administration. 1. Introduction; 2. The Background; 3. Bounded Rationality; 4. Prospect Theory and other major...

Almost all of the serious studies of Behavioral Economics have dealt with individuals, but the results of those studies have been used as guidelines for producers and other organizations as well as individuals.There have been a few serious studies of producers, but they have been largely...

Behavioral Economics may be in the process of changing the assumptions used in an increasing amount of economic analysis, in “nudging” individuals to respond to government policy, and in getting general periodicals to take the discipline seriously, but how precisely to take advantage of the...

Economists have been mistaken in many of the policies they have advocated with respect to the financial and economic crisis, and have tended to ignore the on-going crisis of climate change. Some of the problems involved in policy recommendations appear to reflect personal considerations, but...

These are the notes from the first half of the course in behavioral economics offered at the School of Social Sciences of the University of the Republic in Uruguay in November 2014. This part of the course, entirely verbal, was aimed at outlining the essentials of behavioral economics. The...