Goals of behavioral economics
Behavioral economics seeks to achieve many goals and objectives, which are explained below:
Understanding how people make mistakes
Behavioral economics provides a clear framework for when and how people make mistakes, with systematic errors or biases predictably recurring in certain circumstances, so lessons learned from behavioral economics can be used to create environments that nudge people toward wiser decisions and healthier lives.[١]
Integrating psychologists' understanding of human behavior into economic analysis
Behavioral economics parallels cognitive psychology, which attempts to guide individuals toward healthier behaviors by correcting the cognitive and emotional barriers to the pursuit of true self-interest.[١]
Promote rational choice
The basic message of behavioral economics is that humans are hardwired to make errors in judgment, and that they need a nudge to make decisions that are in their best interest. Understanding where people go wrong can help them get it right, and this approach complements and enhances the rational choice model.[١]
Definition of behavioral economics
It is a type of economics that deals primarily with deviations of human behavior from the model of homo economicus or rational man, and these deviations from rational calculation are presented as non-standard (the standard is neoclassical economics) or reflections of bias, through the study of social preferences, in light of which new behavioral models are built.[٢]
Behavioral economics is built on scientific and field studies, using economic results with disciplines (psychology, social sciences, neuroscience, cognitive sciences, etc.) and transferring them to the economic discipline in order to Improve the reliability and accuracy of explanation. Human behavior in the economic field.[٢]
The emergence of behavioral economics
Behavioral economics emerged on Background of the traditional economic approach known as the choice model Rational, which assumes that a rational person correctly weighs costs and benefits and calculates the best options for himself.[١]
A rational person is expected to know his current and future preferences, never waver between two conflicting desires, and has complete self-control, able to restrain impulses that might prevent him from achieving his long-term goals.[١]
The relationship between behavioral economics and psychology
Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from classical economics, which assumes that most people have well-defined preferences and make informed, self-interested decisions based on those preferences.[٣]
Behavioral economics is a modern-day blend of behavioral psychology. and decision making Economic, as it helps clients improve their results by changing attitudes and behaviors. Research and studies show that designing incentive programs and setting goals using the principles of behavioral economics will increase the rate of achievement and improve overall performance.[٣]
the reviewer
- ^ A for T Th G Shahram Heshmat (3/5/2017), “What Is Behavioral Economics?”, psychology today, Retrieved 15/4/2022. Edited.
- ^ A for Felix Kersting (10/4/2016), “Behavioral Economics”, exploring economics, Retrieved 15/4/2022. Edited.
- ^ A for Max Witynski , “Behavioral economics, explained”, University of Chicago, Retrieved 15/4/2022. Edited.
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