What is Behavioral Economics: Your Quick Guide
MARCH 12, 2020
In a nutshell, behavioral economics attempts to study how our “whims” affect our day-to-day spending decisions and affect different economic processes on a macro level. Behavioral Economics Definition. Formalized and developed by a recent Nobel Prize winner Richard Thaler , the theory of behavioral economics investigates how different psychological, social, and cultural factors impact our decisions and reflect in respective economic outcomes.