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Behavioral Economics (Hardcover)
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Behavioral Economics (Hardcover)
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There is an underlying assumption in the neoclassical economics
that the expected utility function can be used to give explanations
to the consumer behavior. However, to many of us, it may be
difficult to comprehend just how possible it is to measure our
actions and make decisions based on the utility approach that is
discussed by economists. In line with the desire to come up with
the best strategy and models to offer solutions to the menace, it
was universally agreed that there is need to establish a discipline
that would incorporate the attributes of psychology, cognitive
science and economics. The relevant discipline in this case would
be termed `'Behavioral Economics". The main idea behind the
formulation of this book is to help learners in the field of
psychology and economics to understand the existing mutual
relationship between the two disciplines. Various attributes of
human behavior are discussed in this book. For instance mental
accounting, as discussed elaborately in the book can be of great
impact in getting to know why consumers are generally loss averse.
Ideally, most economic choices are made based on individual
emotions, a concept that is greatly disposed by the neoclassical
economists. The role of emotions in decision making as portrayed in
this book cannot be ignored. The application of behavioral
economics in the modern world is evident, from marketing, clinical
psychology, planning, insurance and banking. In line with the
relevance of the discipline, this book tries to explore the various
principles of behavioral economics and brings them to light by
showing how applicable they are in modern policy making. It is with
great appreciation and acknowledgement that the work done by
economic proponents such as the Nobel laureate Daniel Kahneman has
been very fundamental in making illustrations to most part of the
literature coverage in this book. In addition, the vast empirical
evidence and findings from various social scientists have confirmed
the relevance of various principles covered in this book. It should
be noted that the discipline of behavioral economics is important
in the process of making decisions that are likely to impact on the
economic growth of various states. In line with this, the book not
only passes the test of significance but also remains at par with
the existing need to impact knowledge to learners.
General
Imprint: |
Arcler Education Inc
|
Country of origin: |
Canada |
Release date: |
November 2017 |
First published: |
2018 |
Editors: |
Prirayani Jagat
|
Dimensions: |
229 x 152mm (L x W) |
Format: |
Hardcover
|
Pages: |
275 |
ISBN-13: |
978-1-77361-028-3 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
1-77361-028-7 |
Barcode: |
9781773610283 |
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