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...

Most analyses of decision making at the enterprise level are based on data from experimental laboratories or on publicly available information. Almost all of these studies reflect the result of decision-making processes. Only a few studies are based on open-ended interviews with decision makers...

A Guide to Behavioral Economics provides an introduction to the field for those who are not economists and for students of the social sciences, business administration and law. It should help readers get more out of the increasing number of publications that emphasize various aspects of...

Animal Spirits (2009) is a timely and widely appreciated work focusing on the need to incorporate behavioral factors in macroeconomic analysis that draws on a famous reference of John Maynard Keynes. Nonetheless, it has a number of limitations. Those in several chapters are noted. Most...