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Behavioral economics - Wikipedia

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id="toc-Development_of_Behavioral_Economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Development_of_Behavioral_Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Development of Behavioral Economics</span> </div> </a> <ul id="toc-Development_of_Behavioral_Economics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Bounded_rationality" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Bounded_rationality"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Bounded rationality</span> </div> </a> <ul id="toc-Bounded_rationality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Prospect_theory" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Prospect_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Prospect theory</span> </div> </a> <ul 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class="vector-toc-link" href="#Concepts"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Concepts</span> </div> </a> <button aria-controls="toc-Concepts-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Concepts subsection</span> </button> <ul id="toc-Concepts-sublist" class="vector-toc-list"> <li id="toc-Search_heuristics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Search_heuristics"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Search heuristics</span> </div> </a> <ul id="toc-Search_heuristics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Heuristics_and_cognitive_effects" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Heuristics_and_cognitive_effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Heuristics and cognitive effects</span> </div> </a> <ul id="toc-Heuristics_and_cognitive_effects-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Biases_and_fallacies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Biases_and_fallacies"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Biases and fallacies</span> </div> </a> <ul id="toc-Biases_and_fallacies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Behavioral_finance" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Behavioral_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Behavioral finance</span> </div> </a> <button aria-controls="toc-Behavioral_finance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Behavioral finance subsection</span> </button> <ul id="toc-Behavioral_finance-sublist" class="vector-toc-list"> <li id="toc-Traditional_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Traditional_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Traditional finance</span> </div> </a> <ul id="toc-Traditional_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Evolution" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Evolution"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Evolution</span> </div> </a> <ul id="toc-Evolution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quantitative_behavioral_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quantitative_behavioral_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Quantitative behavioral finance</span> </div> </a> <ul id="toc-Quantitative_behavioral_finance-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Applied_issues" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Applied_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Applied issues</span> </div> </a> <button aria-controls="toc-Applied_issues-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Applied issues subsection</span> </button> <ul id="toc-Applied_issues-sublist" class="vector-toc-list"> <li id="toc-Behavioral_game_theory" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Behavioral_game_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Behavioral game theory</span> </div> </a> <ul id="toc-Behavioral_game_theory-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Artificial_intelligence" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Artificial_intelligence"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Artificial intelligence</span> </div> </a> <ul id="toc-Artificial_intelligence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_areas_of_research" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_areas_of_research"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Other areas of research</span> </div> </a> <ul id="toc-Other_areas_of_research-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Honors_and_awards" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Honors_and_awards"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Honors and awards</span> </div> </a> <button aria-controls="toc-Honors_and_awards-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Honors and awards subsection</span> </button> <ul id="toc-Honors_and_awards-sublist" class="vector-toc-list"> <li id="toc-Nobel_Prize" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nobel_Prize"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>Nobel Prize</span> </div> </a> <ul id="toc-Nobel_Prize-sublist" class="vector-toc-list"> <li id="toc-1978_–_Herbert_Simon" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#1978_–_Herbert_Simon"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1.1</span> <span>1978 – Herbert Simon</span> </div> </a> <ul id="toc-1978_–_Herbert_Simon-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2002_–-_Daniel_Kahneman_and_Vernon_L._Smith" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2002_–-_Daniel_Kahneman_and_Vernon_L._Smith"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1.2</span> <span>2002 –- Daniel Kahneman and Vernon L. Smith</span> </div> </a> <ul id="toc-2002_–-_Daniel_Kahneman_and_Vernon_L._Smith-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2017_–_Richard_Thaler" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2017_–_Richard_Thaler"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1.3</span> <span>2017 – Richard Thaler</span> </div> </a> <ul id="toc-2017_–_Richard_Thaler-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Other_Awards" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_Awards"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2</span> <span>Other Awards</span> </div> </a> <ul id="toc-Other_Awards-sublist" class="vector-toc-list"> <li id="toc-1999_–_Andrei_Shleifer" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#1999_–_Andrei_Shleifer"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2.1</span> <span>1999 – Andrei Shleifer</span> </div> </a> <ul id="toc-1999_–_Andrei_Shleifer-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2001_–_Matthew_Rabin" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2001_–_Matthew_Rabin"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2.2</span> <span>2001 – Matthew Rabin</span> </div> </a> <ul id="toc-2001_–_Matthew_Rabin-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2003_–_Sendhil_Mullainathan" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#2003_–_Sendhil_Mullainathan"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.2.3</span> <span>2003 – Sendhil Mullainathan</span> </div> </a> <ul id="toc-2003_–_Sendhil_Mullainathan-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Criticism</span> </div> </a> <button aria-controls="toc-Criticism-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticism subsection</span> </button> <ul id="toc-Criticism-sublist" class="vector-toc-list"> <li id="toc-Responses" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Responses"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.1</span> <span>Responses</span> </div> </a> <ul id="toc-Responses-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Related_fields" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Related_fields"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Related fields</span> </div> </a> <button aria-controls="toc-Related_fields-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Related fields subsection</span> </button> <ul id="toc-Related_fields-sublist" class="vector-toc-list"> <li id="toc-Experimental_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Experimental_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Experimental economics</span> </div> </a> <ul id="toc-Experimental_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Neuroeconomics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Neuroeconomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.2</span> <span>Neuroeconomics</span> </div> </a> <ul id="toc-Neuroeconomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Evolutionary_psychology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Evolutionary_psychology"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.3</span> <span>Evolutionary psychology</span> </div> </a> <ul id="toc-Evolutionary_psychology-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Notable_people" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notable_people"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Notable people</span> </div> </a> <button aria-controls="toc-Notable_people-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Notable people subsection</span> </button> <ul id="toc-Notable_people-sublist" class="vector-toc-list"> <li id="toc-Economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">11.1</span> <span>Economics</span> </div> </a> <ul id="toc-Economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">11.2</span> <span>Finance</span> </div> </a> <ul id="toc-Finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Psychology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Psychology"> <div class="vector-toc-text"> <span class="vector-toc-numb">11.3</span> <span>Psychology</span> </div> </a> <ul id="toc-Psychology-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">13.1</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">13.2</span> <span>Sources</span> </div> </a> <ul id="toc-Sources-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">14</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Behavioral economics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" 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Available in 49 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-49" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">49 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-am mw-list-item"><a href="https://am.wikipedia.org/wiki/%E1%88%9D%E1%8C%A3%E1%8A%94_%E1%88%80%E1%89%A5%E1%89%B5_%E1%89%A3%E1%88%85%E1%88%AA" title="ምጣኔ ሀብት ባህሪ – Amharic" lang="am" hreflang="am" data-title="ምጣኔ ሀብት ባህሪ" data-language-autonym="አማርኛ" data-language-local-name="Amharic" class="interlanguage-link-target"><span>አማርኛ</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D8%B3%D9%84%D9%88%D9%83%D9%8A" title="اقتصاد سلوكي – Arabic" lang="ar" hreflang="ar" data-title="اقتصاد سلوكي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Davran%C4%B1%C5%9F_iqtisadiyyat%C4%B1" title="Davranış iqtisadiyyatı – Azerbaijani" lang="az" hreflang="az" data-title="Davranış iqtisadiyyatı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%86%E0%A6%9A%E0%A6%B0%E0%A6%A3%E0%A6%BF%E0%A6%95_%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF_%E0%A6%B6%E0%A6%BE%E0%A6%B8%E0%A7%8D%E0%A6%A4%E0%A7%8D%E0%A6%B0" title="আচরণিক অর্থনীতি শাস্ত্র – Bangla" lang="bn" hreflang="bn" data-title="আচরণিক অর্থনীতি শাস্ত্র" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B2%D0%B5%D0%B4%D0%B5%D0%BD%D1%87%D0%B5%D1%81%D0%BA%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Поведенческа икономика – Bulgarian" lang="bg" hreflang="bg" data-title="Поведенческа икономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bar mw-list-item"><a href="https://bar.wikipedia.org/wiki/Vahoidnsekonomie" title="Vahoidnsekonomie – Bavarian" lang="bar" hreflang="bar" data-title="Vahoidnsekonomie" data-language-autonym="Boarisch" data-language-local-name="Bavarian" class="interlanguage-link-target"><span>Boarisch</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Economia_del_comportament" title="Economia del comportament – Catalan" lang="ca" hreflang="ca" data-title="Economia del comportament" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Behavior%C3%A1ln%C3%AD_ekonomie" title="Behaviorální ekonomie – Czech" lang="cs" hreflang="cs" data-title="Behaviorální ekonomie" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Economeg_ymddygiadol" title="Economeg ymddygiadol – Welsh" lang="cy" hreflang="cy" data-title="Economeg ymddygiadol" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Adf%C3%A6rds%C3%B8konomi" title="Adfærdsøkonomi – Danish" lang="da" hreflang="da" data-title="Adfærdsøkonomi" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Verhaltens%C3%B6konomik" title="Verhaltensökonomik – German" lang="de" hreflang="de" data-title="Verhaltensökonomik" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/K%C3%A4itumis%C3%B6konoomika" title="Käitumisökonoomika – Estonian" lang="et" hreflang="et" data-title="Käitumisökonoomika" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9F%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CF%88%CF%85%CF%87%CE%BF%CE%BB%CE%BF%CE%B3%CE%AF%CE%B1" title="Οικονομική ψυχολογία – Greek" lang="el" hreflang="el" data-title="Οικονομική ψυχολογία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Econom%C3%ADa_conductual" title="Economía conductual – Spanish" lang="es" hreflang="es" data-title="Economía conductual" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Kondutekonomiko" title="Kondutekonomiko – Esperanto" lang="eo" hreflang="eo" data-title="Kondutekonomiko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D8%B1%D9%81%D8%AA%D8%A7%D8%B1%DB%8C" title="اقتصاد رفتاری – Persian" lang="fa" hreflang="fa" data-title="اقتصاد رفتاری" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89conomie_comportementale" title="Économie comportementale – French" lang="fr" hreflang="fr" data-title="Économie comportementale" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%96%89%EB%8F%99%EA%B2%BD%EC%A0%9C%ED%95%99" title="행동경제학 – Korean" lang="ko" hreflang="ko" data-title="행동경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8E%D5%A1%D6%80%D6%84%D5%A1%D5%A3%D5%AE%D5%A1%D5%B5%D5%AB%D5%B6_%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%A3%D5%AB%D5%BF%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Վարքագծային տնտեսագիտություն – Armenian" lang="hy" hreflang="hy" data-title="Վարքագծային տնտեսագիտություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A5%8D%E0%A4%AF%E0%A4%B5%E0%A4%B9%E0%A4%BE%E0%A4%B0%E0%A4%B5%E0%A4%BE%E0%A4%A6%E0%A5%80_%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0" title="व्यवहारवादी अर्थशास्त्र – Hindi" lang="hi" hreflang="hi" data-title="व्यवहारवादी अर्थशास्त्र" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Ekonomi_perilaku" title="Ekonomi perilaku – Indonesian" lang="id" hreflang="id" data-title="Ekonomi perilaku" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Economia_comportamentale" title="Economia comportamentale – Italian" lang="it" hreflang="it" data-title="Economia comportamentale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9B%D7%9C%D7%9B%D7%9C%D7%94_%D7%94%D7%AA%D7%A0%D7%94%D7%92%D7%95%D7%AA%D7%99%D7%AA" title="כלכלה התנהגותית – Hebrew" lang="he" hreflang="he" data-title="כלכלה התנהגותית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Uzved%C4%ABbas_ekonomika" title="Uzvedības ekonomika – Latvian" lang="lv" hreflang="lv" data-title="Uzvedības ekonomika" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Elgsenos_ekonomika" title="Elgsenos ekonomika – Lithuanian" lang="lt" hreflang="lt" data-title="Elgsenos ekonomika" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Viselked%C3%A9si_k%C3%B6zgazdas%C3%A1gtan" title="Viselkedési közgazdaságtan – Hungarian" lang="hu" hreflang="hu" data-title="Viselkedési közgazdaságtan" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%95%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%81%D0%BA%D0%BE_%D0%BF%D0%BE%D0%B2%D0%B5%D0%B4%D0%B5%D0%BD%D0%B8%D0%B5" title="Економско поведение – Macedonian" lang="mk" hreflang="mk" data-title="Економско поведение" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Ekonomi_tingkah_laku" title="Ekonomi tingkah laku – Malay" lang="ms" hreflang="ms" data-title="Ekonomi tingkah laku" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%97%D0%B0%D0%BD_%D2%AF%D0%B9%D0%BB%D0%B8%D0%B9%D0%BD_%D1%8D%D0%B4%D0%B8%D0%B9%D0%BD_%D0%B7%D0%B0%D1%81%D0%B0%D0%B3" title="Зан үйлийн эдийн засаг – Mongolian" lang="mn" hreflang="mn" data-title="Зан үйлийн эдийн засаг" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Gedragseconomie" title="Gedragseconomie – Dutch" lang="nl" hreflang="nl" data-title="Gedragseconomie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%A1%8C%E5%8B%95%E7%B5%8C%E6%B8%88%E5%AD%A6" title="行動経済学 – Japanese" lang="ja" hreflang="ja" data-title="行動経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Atferds%C3%B8konomi" title="Atferdsøkonomi – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Atferdsøkonomi" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Ekonomia_behawioralna" title="Ekonomia behawioralna – Polish" lang="pl" hreflang="pl" data-title="Ekonomia behawioralna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Economia_comportamental" title="Economia comportamental – Portuguese" lang="pt" hreflang="pt" data-title="Economia comportamental" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Economie_comportamental%C4%83" title="Economie comportamentală – Romanian" lang="ro" hreflang="ro" data-title="Economie comportamentală" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B2%D0%B5%D0%B4%D0%B5%D0%BD%D1%87%D0%B5%D1%81%D0%BA%D0%B0%D1%8F_%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Поведенческая экономика – Russian" lang="ru" hreflang="ru" data-title="Поведенческая экономика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Behavioral_economics" title="Behavioral economics – Simple English" lang="en-simple" hreflang="en-simple" data-title="Behavioral economics" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Vedenjska_ekonomija" title="Vedenjska ekonomija – Slovenian" lang="sl" hreflang="sl" data-title="Vedenjska ekonomija" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Bihejvioralna_ekonomija" title="Bihejvioralna ekonomija – Serbian" lang="sr" hreflang="sr" data-title="Bihejvioralna ekonomija" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/K%C3%A4ytt%C3%A4ytymistaloustiede" title="Käyttäytymistaloustiede – Finnish" lang="fi" hreflang="fi" data-title="Käyttäytymistaloustiede" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Beteendeekonomi" title="Beteendeekonomi – Swedish" lang="sv" hreflang="sv" data-title="Beteendeekonomi" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Ekonomikang_pang-ugali" title="Ekonomikang pang-ugali – Tagalog" lang="tl" hreflang="tl" data-title="Ekonomikang pang-ugali" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AF%8A%E0%AE%B0%E0%AF%81%E0%AE%B3%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D_%E0%AE%A8%E0%AE%9F%E0%AE%A4%E0%AF%8D%E0%AE%A4%E0%AF%88" title="பொருளியல் நடத்தை – Tamil" lang="ta" hreflang="ta" data-title="பொருளியல் நடத்தை" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%A8%E0%B8%B2%E0%B8%AA%E0%B8%95%E0%B8%A3%E0%B9%8C%E0%B8%9E%E0%B8%A4%E0%B8%95%E0%B8%B4%E0%B8%81%E0%B8%A3%E0%B8%A3%E0%B8%A1" title="เศรษฐศาสตร์พฤติกรรม – Thai" lang="th" hreflang="th" data-title="เศรษฐศาสตร์พฤติกรรม" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Davran%C4%B1%C5%9Fsal_iktisat" title="Davranışsal iktisat – Turkish" lang="tr" hreflang="tr" data-title="Davranışsal iktisat" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B2%D0%B5%D0%B4%D1%96%D0%BD%D0%BA%D0%BE%D0%B2%D0%B0_%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0" title="Поведінкова економіка – Ukrainian" lang="uk" hreflang="uk" data-title="Поведінкова економіка" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kinh_t%E1%BA%BF_h%E1%BB%8Dc_h%C3%A0nh_vi" title="Kinh tế học hành vi – Vietnamese" lang="vi" hreflang="vi" data-title="Kinh tế học hành vi" 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title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a 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<li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a>&#160;(<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business&#32;portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money&#32;portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar 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plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background: none;"><a href="/wiki/Nudge_theory" title="Nudge theory">Nudge theory</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef; padding:0.15em 0.25em 0.5em;;color: var(--color-base)">Social scientists</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff; ----"> <ul><li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a></li> <li><a href="/wiki/Shlomo_Benartzi" title="Shlomo Benartzi">Shlomo Benartzi</a></li> <li><a href="/wiki/Cass_Sunstein" title="Cass Sunstein">Cass Sunstein</a></li> <li><a href="/wiki/Maya_Shankar" title="Maya Shankar">Maya Shankar</a></li></ul> <hr /></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef; padding:0.15em 0.25em 0.5em;;color: var(--color-base)">Government programs</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff; ----"> <ul><li><a href="/wiki/Race_to_the_Top" title="Race to the Top">Race to the Top</a></li> <li><a href="/wiki/Affordable_Care_Act_tax_provisions" title="Affordable Care Act tax provisions">Affordable Care Act tax provisions</a></li> <li><a href="/wiki/Social_Credit_System" title="Social Credit System">Social Credit System</a></li> <li><a href="/wiki/Vision_Zero" title="Vision Zero">Vision Zero</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef; padding:0.15em 0.25em 0.5em;;color: var(--color-base)">Government agencies</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff; ----"> <ul><li><a href="/wiki/Behavioural_Insights_Team" title="Behavioural Insights Team">Behavioural Insights Team</a> (UK)</li> <li><a href="/wiki/Social_and_Behavioral_Sciences_Team" title="Social and Behavioral Sciences Team">Social and Behavioral Sciences Team</a> (US)</li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef; padding:0.15em 0.25em 0.5em;;color: var(--color-base)">Nudge theory in business</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff; ----"> <ul><li><a href="/wiki/Loyalty_program" title="Loyalty program">Loyalty program</a></li> <li><a href="/wiki/Safety_culture" title="Safety culture">Safety culture</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef; padding:0.15em 0.25em 0.5em;;color: var(--color-base)">Related concepts</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff; ----"> <ul><li><a class="mw-selflink selflink">Behavioral economics</a></li> <li><a href="/wiki/Social_proof" title="Social proof">Social proof</a></li> <li><a href="/wiki/Default_effect" title="Default effect">Default effect</a></li> <li><a href="/wiki/Paternalism" title="Paternalism">Paternalism</a></li> <li><a href="/wiki/Libertarian_paternalism" title="Libertarian paternalism">Libertarian paternalism</a></li> <li><a href="/wiki/Choice_architecture" title="Choice architecture">Choice architecture</a></li> <li><a href="/wiki/Social_engineering_(political_science)" title="Social engineering (political science)">Social engineering</a></li> <li><a href="/wiki/IT-backed_authoritarianism" title="IT-backed authoritarianism">IT-backed authoritarianism</a></li> <li><a href="/wiki/Design_for_behaviour_change" class="mw-redirect" title="Design for behaviour change">Design for behaviour change</a></li></ul></div></div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Nudge_Theory" title="Template:Nudge Theory"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Nudge_Theory" title="Template talk:Nudge Theory"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Nudge_Theory" title="Special:EditPage/Template:Nudge Theory"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Behavioral economics</b> is the study of the <a href="/wiki/Psychology" title="Psychology">psychological</a> (e.g. cognitive, behavioral, affective, social) factors involved in the <a href="/wiki/Decision_making" class="mw-redirect" title="Decision making">decisions</a> of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.<sup id="cite_ref-ssrn.com_1-0" class="reference"><a href="#cite_note-ssrn.com-1"><span class="cite-bracket">&#91;</span>1<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-:0_2-0" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">&#91;</span>2<span class="cite-bracket">&#93;</span></a></sup> </p><p>Behavioral economics is primarily concerned with the <a href="/wiki/Bounded_rationality" title="Bounded rationality">bounds</a> of <a href="/wiki/Rationality" title="Rationality">rationality</a> of <a href="/wiki/Economic_agent" class="mw-redirect" title="Economic agent">economic agents</a>. Behavioral models typically integrate insights from psychology, <a href="/wiki/Neuroscience" title="Neuroscience">neuroscience</a> and <a href="/wiki/Microeconomics" title="Microeconomics">microeconomic theory</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">&#91;</span>3<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-MintonKahle2013_4-0" class="reference"><a href="#cite_note-MintonKahle2013-4"><span class="cite-bracket">&#91;</span>4<span class="cite-bracket">&#93;</span></a></sup> </p><p>Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, who deliberated how the economic behavior of individuals could be influenced by their desires.<sup id="cite_ref-:5_5-0" class="reference"><a href="#cite_note-:5-5"><span class="cite-bracket">&#91;</span>5<span class="cite-bracket">&#93;</span></a></sup> </p><p> The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century.<sup id="cite_ref-:13_6-0" class="reference"><a href="#cite_note-:13-6"><span class="cite-bracket">&#91;</span>6<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-:43_7-0" class="reference"><a href="#cite_note-:43-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup> Behavioral economics is still growing as a field, being used increasingly in research and in teaching.<sup id="cite_ref-:82_8-0" class="reference"><a href="#cite_note-:82-8"><span class="cite-bracket">&#91;</span>8<span class="cite-bracket">&#93;</span></a></sup><style data-mw-deduplicate="TemplateStyles:r886046785">.mw-parser-output .toclimit-2 .toclevel-1 ul,.mw-parser-output .toclimit-3 .toclevel-2 ul,.mw-parser-output .toclimit-4 .toclevel-3 ul,.mw-parser-output .toclimit-5 .toclevel-4 ul,.mw-parser-output .toclimit-6 .toclevel-5 ul,.mw-parser-output .toclimit-7 .toclevel-6 ul{display:none}</style></p><div class="toclimit-3"><meta property="mw:PageProp/toc" /></div> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Adam_Smith_The_Muir_portrait.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Adam_Smith_The_Muir_portrait.jpg/140px-Adam_Smith_The_Muir_portrait.jpg" decoding="async" width="140" height="171" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/43/Adam_Smith_The_Muir_portrait.jpg/210px-Adam_Smith_The_Muir_portrait.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/43/Adam_Smith_The_Muir_portrait.jpg/280px-Adam_Smith_The_Muir_portrait.jpg 2x" data-file-width="1893" data-file-height="2307" /></a><figcaption><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, author of <i>The Wealth of Nations</i> (1776) and <i>The Theory of Moral Sentiments</i> (1759)</figcaption></figure> <p>Early classical economists included psychological reasoning in much of their writing, though psychology at the time was not a recognized field of study.<sup id="cite_ref-:02_9-0" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> In <i><a href="/wiki/The_Theory_of_Moral_Sentiments" title="The Theory of Moral Sentiments">The Theory of Moral Sentiments</a>,</i> Adam Smith wrote on concepts later popularized by modern Behavioral Economic theory, such as <a href="/wiki/Loss_aversion" title="Loss aversion">loss aversion</a>.<sup id="cite_ref-:02_9-1" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Jeremy_Bentham" title="Jeremy Bentham">Jeremy Bentham</a>, a <a href="/wiki/Utilitarian" class="mw-redirect" title="Utilitarian">Utilitarian</a> philosopher in the 1700s conceptualized <a href="/wiki/Utility" title="Utility">utility</a> as a product of psychology.<sup id="cite_ref-:02_9-2" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> Other economists who incorporated psychological explanations in their works included <a href="/wiki/Francis_Edgeworth" class="mw-redirect" title="Francis Edgeworth">Francis Edgeworth</a>, <a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Vilfredo Pareto</a> and <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a>. </p><p>A rejection and elimination of psychology from economics in the early 1900s brought on a period defined by a reliance on empiricism.<sup id="cite_ref-:02_9-3" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> There was a lack of confidence in <a href="/wiki/Hedonism" title="Hedonism">hedonic</a> theories, which saw pursuance of maximum benefit as an essential aspect in understanding human economic behavior.<sup id="cite_ref-:13_6-1" class="reference"><a href="#cite_note-:13-6"><span class="cite-bracket">&#91;</span>6<span class="cite-bracket">&#93;</span></a></sup> Hedonic analysis had shown little success in predicting human behavior, leading many to question its viability as a reliable source for prediction.<sup id="cite_ref-:13_6-2" class="reference"><a href="#cite_note-:13-6"><span class="cite-bracket">&#91;</span>6<span class="cite-bracket">&#93;</span></a></sup> </p><p>There was also a fear among economists that the involvement of psychology in shaping economic models was inordinate and a departure from accepted principles.<sup id="cite_ref-:2_10-0" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">&#91;</span>10<span class="cite-bracket">&#93;</span></a></sup> They feared that an increased emphasis on psychology would undermine the mathematic components of the field.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">&#91;</span>11<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-:3_12-0" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> </p><p>To boost the ability of economics to predict accurately, economists started looking to tangible phenomena rather than theories based on human psychology.<sup id="cite_ref-:13_6-3" class="reference"><a href="#cite_note-:13-6"><span class="cite-bracket">&#91;</span>6<span class="cite-bracket">&#93;</span></a></sup> Psychology was seen as unreliable to many of these economists as it was a new field, not regarded as sufficiently scientific.<sup id="cite_ref-:02_9-4" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> Though a number of scholars expressed concern towards the <a href="/wiki/Positivism" title="Positivism">positivism</a> within economics, models of study dependent on psychological insights became rare.<sup id="cite_ref-:02_9-5" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> Economists instead conceptualized humans as purely rational and self-interested decision makers, illustrated in the concept of <i><a href="/wiki/Homo_economicus" title="Homo economicus">homo economicus</a>.</i><sup id="cite_ref-:3_12-1" class="reference"><a href="#cite_note-:3-12"><span class="cite-bracket">&#91;</span>12<span class="cite-bracket">&#93;</span></a></sup> </p><p>The resurgence of psychology within economics, which facilitated the expansion of behavioral economics, has been linked to the <a href="/wiki/Cognitive_revolution" title="Cognitive revolution">cognitive revolution</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">&#91;</span>13<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">&#91;</span>14<span class="cite-bracket">&#93;</span></a></sup> In the 1960s, <a href="/wiki/Cognitive_psychology" title="Cognitive psychology">cognitive psychology</a> began to shed more light on the brain as an information processing device (in contrast to <a href="/wiki/Behaviorism" title="Behaviorism">behaviorist</a> models). Psychologists in this field, such as Ward Edwards,<sup id="cite_ref-ward_15-0" class="reference"><a href="#cite_note-ward-15"><span class="cite-bracket">&#91;</span>15<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Amos_Tversky" title="Amos Tversky">Amos Tversky</a> and <a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a> began to compare their cognitive models of decision-making under risk and uncertainty to economic models of rational behavior. These developments spurred economists to reconsider how psychology could be applied to economic models and theories.<sup id="cite_ref-:02_9-6" class="reference"><a href="#cite_note-:02-9"><span class="cite-bracket">&#91;</span>9<span class="cite-bracket">&#93;</span></a></sup> Concurrently, the <a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected utility hypothesis</a> and <a href="/wiki/Discounted_utility" title="Discounted utility">discounted utility</a> models began to gain acceptance. In challenging the accuracy of generic utility, these concepts established a practice foundational in behavioral economics: Building on standard models by applying psychological knowledge.<sup id="cite_ref-:13_6-4" class="reference"><a href="#cite_note-:13-6"><span class="cite-bracket">&#91;</span>6<span class="cite-bracket">&#93;</span></a></sup> </p><p><a href="/wiki/Mathematical_psychology" title="Mathematical psychology">Mathematical psychology</a> reflects a long-standing interest in preference transitivity and the measurement of utility.<sup id="cite_ref-FOOTNOTELuce2000_16-0" class="reference"><a href="#cite_note-FOOTNOTELuce2000-16"><span class="cite-bracket">&#91;</span>16<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Development_of_Behavioral_Economics">Development of Behavioral Economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=2" title="Edit section: Development of Behavioral Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2017, Niels Geiger, a lecturer in economics at the <a href="/wiki/University_of_Hohenheim" title="University of Hohenheim">University of Hohenheim</a> conducted an investigation into the proliferation of behavioral economics.<sup id="cite_ref-:82_8-1" class="reference"><a href="#cite_note-:82-8"><span class="cite-bracket">&#91;</span>8<span class="cite-bracket">&#93;</span></a></sup> Geiger's research looked at studies that had quantified the frequency of references to terms specific to behavioral economics, and how often influential papers in behavioral economics were cited in journals on economics.<sup id="cite_ref-:82_8-2" class="reference"><a href="#cite_note-:82-8"><span class="cite-bracket">&#91;</span>8<span class="cite-bracket">&#93;</span></a></sup> The quantitative study found that there was a significant spread in behavioral economics after Kahneman and Tversky's work in the 1990s and into the 2000s.<sup id="cite_ref-:82_8-3" class="reference"><a href="#cite_note-:82-8"><span class="cite-bracket">&#91;</span>8<span class="cite-bracket">&#93;</span></a></sup> </p> <table class="wikitable"> <caption>Citation Frequency in Economic Journals for Kahneman and Tversky's Studies on Behavioral Economics by 5-Year Periods<sup id="cite_ref-:82_8-4" class="reference"><a href="#cite_note-:82-8"><span class="cite-bracket">&#91;</span>8<span class="cite-bracket">&#93;</span></a></sup> </caption> <tbody><tr> <th> </th> <th>1979 Paper </th> <th>1992 Paper </th> <th>1974 Paper </th> <th>1981 Paper </th> <th>1986 Paper </th></tr> <tr> <td>1974-78 </td> <td>0 </td> <td>0 </td> <td>1 </td> <td>0 </td> <td>0 </td></tr> <tr> <td>1979-83 </td> <td>1 </td> <td>0 </td> <td>4 </td> <td>3 </td> <td>0 </td></tr> <tr> <td>1984-88 </td> <td>7 </td> <td>0 </td> <td>0 </td> <td>1 </td> <td>0 </td></tr> <tr> <td>1989-93 </td> <td>19 </td> <td>1 </td> <td>2 </td> <td>6 </td> <td>3 </td></tr> <tr> <td>1993-98 </td> <td>37 </td> <td>16 </td> <td>12 </td> <td>7 </td> <td>6 </td></tr> <tr> <td>1999-2003 </td> <td>51 </td> <td>20 </td> <td>5 </td> <td>15 </td> <td>11 </td></tr> <tr> <td>2004-08 </td> <td>80 </td> <td>48 </td> <td>18 </td> <td>15 </td> <td>16 </td></tr> <tr> <td>2009-13 </td> <td>161 </td> <td>110 </td> <td>59 </td> <td>38 </td> <td>19 </td></tr> <tr> <td>Total Citations </td> <td>356 </td> <td>195 </td> <td>101 </td> <td>85 </td> <td>55 </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Bounded_rationality">Bounded rationality</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=3" title="Edit section: Bounded rationality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Herbert_simon_red_complete.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Herbert_simon_red_complete.jpg/140px-Herbert_simon_red_complete.jpg" decoding="async" width="140" height="209" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Herbert_simon_red_complete.jpg/210px-Herbert_simon_red_complete.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Herbert_simon_red_complete.jpg/280px-Herbert_simon_red_complete.jpg 2x" data-file-width="545" data-file-height="814" /></a><figcaption><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a>, winner of the 1975 Turing award, the 1978 Nobel Prize in economics, and the 1988 John von Neumann Theory Prize</figcaption></figure> <p><a href="/wiki/Bounded_rationality" title="Bounded rationality">Bounded rationality</a> is the idea that when individuals make decisions, their <a href="/wiki/Rationality" title="Rationality">rationality</a> is limited by the tractability of the decision problem, their cognitive limitations and the time available. </p><p><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a> proposed bounded rationality as an alternative basis for the mathematical modeling of <a href="/wiki/Decision-making" title="Decision-making">decision-making</a>. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available.<sup id="cite_ref-bounded_rationality_1999_17-0" class="reference"><a href="#cite_note-bounded_rationality_1999-17"><span class="cite-bracket">&#91;</span>17<span class="cite-bracket">&#93;</span></a></sup> Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.<sup id="cite_ref-bounded_rationality_1999_17-1" class="reference"><a href="#cite_note-bounded_rationality_1999-17"><span class="cite-bracket">&#91;</span>17<span class="cite-bracket">&#93;</span></a></sup> Bounded rationality implicates the idea that humans take shortcuts that may lead to suboptimal decision-making. Behavioral economists engage in mapping the decision shortcuts that agents use in order to help increase the effectiveness of human decision-making. Bounded rationality finds that actors do not assess all available options appropriately, in order to save on search and deliberation costs. As such decisions are not always made in the sense of greatest self-reward as limited information is available. Instead agents shall choose to settle for an acceptable solution. One approach, adopted by <a href="/wiki/Richard_M._Cyert" class="mw-redirect" title="Richard M. Cyert">Richard M. Cyert</a> and <a href="/wiki/James_G._March" title="James G. March">March</a> in their 1963 book <a href="/wiki/A_Behavioral_Theory_of_the_Firm" title="A Behavioral Theory of the Firm">A Behavioral Theory of the Firm</a>, was to view firms as coalitions of groups whose targets were based on satisficing rather than optimizing behaviour.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">&#91;</span>18<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">&#91;</span>19<span class="cite-bracket">&#93;</span></a></sup> Another treatment of this idea comes from <a href="/wiki/Cass_Sunstein" title="Cass Sunstein">Cass Sunstein</a> and <a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a>'s <i><a href="/wiki/Nudge_(book)" title="Nudge (book)">Nudge</a></i>.<sup id="cite_ref-nudge_20-0" class="reference"><a href="#cite_note-nudge-20"><span class="cite-bracket">&#91;</span>20<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">&#91;</span>21<span class="cite-bracket">&#93;</span></a></sup> Sunstein and Thaler recommend that choice architectures are modified in light of human agents' bounded rationality. A widely cited proposal from Sunstein and Thaler urges that healthier food be placed at sight level in order to increase the likelihood that a person will opt for that choice instead of less healthy option. Some critics of <i>Nudge</i> have lodged attacks that modifying choice architectures will lead to people becoming worse decision-makers.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">&#91;</span>22<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">&#91;</span>23<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Prospect_theory">Prospect theory</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=4" title="Edit section: Prospect theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Daniel_Kahneman_(3283955327)_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4d/Daniel_Kahneman_%283283955327%29_%28cropped%29.jpg/200px-Daniel_Kahneman_%283283955327%29_%28cropped%29.jpg" decoding="async" width="200" height="238" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4d/Daniel_Kahneman_%283283955327%29_%28cropped%29.jpg/300px-Daniel_Kahneman_%283283955327%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4d/Daniel_Kahneman_%283283955327%29_%28cropped%29.jpg/400px-Daniel_Kahneman_%283283955327%29_%28cropped%29.jpg 2x" data-file-width="688" data-file-height="818" /></a><figcaption><a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a>, winner of the 2002 Nobel Prize in economics</figcaption></figure> <p>In 1979, Kahneman and Tversky published <i><a href="/wiki/Prospect_theory" title="Prospect theory">Prospect Theory</a>: An Analysis of Decision Under Risk</i>, that used cognitive psychology to explain various divergences of economic decision making from neo-classical theory.<sup id="cite_ref-FOOTNOTEKahnemanDiener2003_24-0" class="reference"><a href="#cite_note-FOOTNOTEKahnemanDiener2003-24"><span class="cite-bracket">&#91;</span>24<span class="cite-bracket">&#93;</span></a></sup> Kahneman and Tversky utilising prospect theory determined three generalisations; gains are treated differently than losses, outcomes received with certainty are overweighed relative to uncertain outcomes and the structure of the problem may affect choices. These arguments were supported in part by altering a survey question so that it was no longer a case of achieving gains but averting losses and the majority of respondents altered their answers accordingly. In essence proving that emotions such as fear of loss, or greed can alter decisions, indicating the presence of an irrational decision-making process. Prospect theory has two stages: an editing stage and an evaluation stage. In the editing stage, risky situations are simplified using various <a href="/wiki/Heuristic" title="Heuristic">heuristics</a>. In the evaluation phase, risky alternatives are evaluated using various psychological principles that include: </p> <ul><li><a href="/wiki/Reference_dependence" title="Reference dependence">Reference dependence</a>: When evaluating outcomes, the decision maker considers a "reference level". Outcomes are then compared to the reference point and classified as "gains" if greater than the reference point and "losses" if less than the reference point.</li> <li><a href="/wiki/Loss_aversion" title="Loss aversion">Loss aversion</a>: Losses are avoided more than equivalent gains are sought. In their 1992 paper, Kahneman and Tversky found the median coefficient of loss aversion to be about 2.25, i.e., losses hurt about 2.25 times more than equivalent gains reward.<sup id="cite_ref-TverskyKahneman1992_25-0" class="reference"><a href="#cite_note-TverskyKahneman1992-25"><span class="cite-bracket">&#91;</span>25<span class="cite-bracket">&#93;</span></a></sup></li> <li>Non-linear probability weighting: Decision makers overweigh small probabilities and underweigh large probabilities—this gives rise to the inverse-S shaped "probability weighting function".</li> <li>Diminishing sensitivity to gains and losses: As the size of the gains and losses relative to the reference point increase in absolute value, the <a href="/wiki/Marginal_utility" title="Marginal utility">marginal</a> effect on the decision maker's utility or satisfaction falls.</li></ul> <p>In 1992, in the <i>Journal of Risk and Uncertainty</i>, Kahneman and Tversky gave a revised account of prospect theory that they called <a href="/wiki/Cumulative_prospect_theory" title="Cumulative prospect theory">cumulative prospect theory</a>.<sup id="cite_ref-TverskyKahneman1992_25-1" class="reference"><a href="#cite_note-TverskyKahneman1992-25"><span class="cite-bracket">&#91;</span>25<span class="cite-bracket">&#93;</span></a></sup> The new theory eliminated the editing phase in prospect theory and focused just on the evaluation phase. Its main feature was that it allowed for non-linear probability weighting in a cumulative manner, which was originally suggested in <a href="/wiki/John_Quiggin" title="John Quiggin">John Quiggin</a>'s rank-dependent utility theory. Psychological traits such as <a href="/wiki/Overconfidence_effect" title="Overconfidence effect">overconfidence</a>, <a href="/wiki/Affective_forecasting#Projection_bias" title="Affective forecasting">projection bias</a> and the effects of limited attention are now part of the theory. Other developments include a conference at the <a href="/wiki/University_of_Chicago" title="University of Chicago">University of Chicago</a>,<sup id="cite_ref-FOOTNOTEHogarthReder1987_26-0" class="reference"><a href="#cite_note-FOOTNOTEHogarthReder1987-26"><span class="cite-bracket">&#91;</span>26<span class="cite-bracket">&#93;</span></a></sup> a special behavioral economics edition of the <i><a href="/wiki/Quarterly_Journal_of_Economics" class="mw-redirect" title="Quarterly Journal of Economics">Quarterly Journal of Economics</a></i> ("In Memory of Amos Tversky"), and Kahneman's 2002 Nobel Prize for having "integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."<sup id="cite_ref-kahneman_27-0" class="reference"><a href="#cite_note-kahneman-27"><span class="cite-bracket">&#91;</span>27<span class="cite-bracket">&#93;</span></a></sup> </p><p>A further argument of Behavioural Economics relates to the impact of the individual's cognitive limitations as a factor in limiting the rationality of people's decisions. Sloan first argued this in his paper 'Bounded Rationality' where he stated that our cognitive limitations are somewhat the consequence of our limited ability to foresee the future, hampering the rationality of decision.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">&#91;</span>28<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a> further expanded upon the effect cognitive ability and processes have on decision making in his book <a href="/wiki/Thinking,_Fast_and_Slow" title="Thinking, Fast and Slow">Thinking, Fast and Slow</a> Kahneman delved into two forms of thought, fast thinking which he considered "operates automatically and quickly, with little or no effort and no sense of voluntary control".<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">&#91;</span>29<span class="cite-bracket">&#93;</span></a></sup> Conversely, slow thinking is the allocation of cognitive ability, choice and concentration. Fast thinking utilises heuristics, which is a decision-making process that undertakes shortcuts, and rules of thumb to provide an immediate but often irrational and imperfect solution. Kahneman proposed that the result of the shortcuts is the occurrence of a number of biases such as hindsight bias, confirmation bias and outcome bias among others. A key example of fast thinking and the resultant irrational decisions is the 2008 financial crisis. </p> <div class="mw-heading mw-heading2"><h2 id="Nudge_theory">Nudge theory</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=5" title="Edit section: Nudge theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Nudge_theory" title="Nudge theory">Nudge theory</a></div> <p><b>Nudge</b> is a concept in <a href="/wiki/Behavioral_science" class="mw-redirect" title="Behavioral science">behavioral science</a>, <a href="/wiki/Political_theory" class="mw-redirect" title="Political theory">political theory</a> and <a href="/wiki/Economics" title="Economics">economics</a> which proposes <a href="/wiki/Positive_reinforcement" class="mw-redirect" title="Positive reinforcement">positive reinforcement</a> and indirect suggestions as ways to <a href="/wiki/Social_influence" title="Social influence">influence</a> the behavior and <a href="/wiki/Decision_making" class="mw-redirect" title="Decision making">decision making</a> of groups or individuals—in other words, it's "a way to manipulate people's choices to lead them to make specific decisions".<sup id="cite_ref-:1_30-0" class="reference"><a href="#cite_note-:1-30"><span class="cite-bracket">&#91;</span>30<span class="cite-bracket">&#93;</span></a></sup> </p><p>The first formulation of the term and associated principles was developed in <a href="/wiki/Cybernetics" title="Cybernetics">cybernetics</a> by James Wilk before 1995 and described by Brunel University academic D. J. Stewart as "the art of the nudge" (sometimes referred to as micronudges<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">&#91;</span>31<span class="cite-bracket">&#93;</span></a></sup>). It also drew on methodological influences from clinical <a href="/wiki/Psychotherapy" title="Psychotherapy">psychotherapy</a> tracing back to <a href="/wiki/Gregory_Bateson" title="Gregory Bateson">Gregory Bateson</a>, including contributions from <a href="/wiki/Milton_Erickson" class="mw-redirect" title="Milton Erickson">Milton Erickson</a>, <a href="/wiki/Paul_Watzlawick" title="Paul Watzlawick">Watzlawick</a>, <a href="/wiki/John_Weakland" title="John Weakland">Weakland</a> and Fisch, and Bill O'Hanlon.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">&#91;</span>32<span class="cite-bracket">&#93;</span></a></sup> In this variant, the nudge is a microtargeted design geared towards a specific group of people, irrespective of the scale of intended intervention. </p><p>In 2008, <a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a> and <a href="/wiki/Cass_Sunstein" title="Cass Sunstein">Cass Sunstein</a>'s book <i><a href="/wiki/Nudge_(book)" title="Nudge (book)">Nudge: Improving Decisions About Health, Wealth, and Happiness</a></i> brought nudge theory to prominence.<sup id="cite_ref-:1_30-1" class="reference"><a href="#cite_note-:1-30"><span class="cite-bracket">&#91;</span>30<span class="cite-bracket">&#93;</span></a></sup> It also gained a following among US and UK politicians, in the private sector and in public health.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">&#91;</span>33<span class="cite-bracket">&#93;</span></a></sup> The authors refer to influencing behavior without coercion as <a href="/wiki/Libertarian_paternalism" title="Libertarian paternalism">libertarian paternalism</a> and the influencers as choice architects.<sup id="cite_ref-speak_34-0" class="reference"><a href="#cite_note-speak-34"><span class="cite-bracket">&#91;</span>34<span class="cite-bracket">&#93;</span></a></sup> Thaler and Sunstein defined their concept as:<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">&#91;</span>35<span class="cite-bracket">&#93;</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>A nudge, as we will use the term, is any aspect of the <a href="/wiki/Choice_architecture" title="Choice architecture">choice architecture</a> that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge. Banning junk food does not.</p></blockquote> <p>Nudging techniques aim to capitalise on the judgemental heuristics of people. In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">&#91;</span>36<span class="cite-bracket">&#93;</span></a></sup> An example of such a nudge is switching the placement of junk food in a store, so that fruit and other healthy options are located next to the cash register, while junk food is relocated to another part of the store.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">&#91;</span>37<span class="cite-bracket">&#93;</span></a></sup> </p><p>In 2008, the United States appointed Sunstein, who helped develop the theory, as administrator of the <a href="/wiki/Office_of_Information_and_Regulatory_Affairs" title="Office of Information and Regulatory Affairs">Office of Information and Regulatory Affairs</a>.<sup id="cite_ref-speak_34-1" class="reference"><a href="#cite_note-speak-34"><span class="cite-bracket">&#91;</span>34<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">&#91;</span>38<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">&#91;</span>39<span class="cite-bracket">&#93;</span></a></sup> </p><p>Notable applications of nudge theory include the formation of the British <a href="/wiki/Behavioural_Insights_Team" title="Behavioural Insights Team">Behavioural Insights Team</a> in 2010. It is often called the "Nudge Unit", at the British <a href="/wiki/Cabinet_Office" title="Cabinet Office">Cabinet Office</a>, headed by <a href="/wiki/David_Halpern_(psychologist)" title="David Halpern (psychologist)">David Halpern</a>.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">&#91;</span>40<span class="cite-bracket">&#93;</span></a></sup> In addition, the <a rel="nofollow" class="external text" href="https://nudgeunit.upenn.edu/">Penn Medicine Nudge Unit</a> is the world's first behavioral design team embedded within a health system. </p><p>Nudge theory has also been applied to <a href="/wiki/Business_management" class="mw-redirect" title="Business management">business management</a> and <a href="/wiki/Corporate_culture" class="mw-redirect" title="Corporate culture">corporate culture</a>, such as in relation to <a href="/wiki/Environment,_health_and_safety" title="Environment, health and safety">health, safety and environment</a> (HSE) and human resources. Regarding its application to HSE, one of the primary goals of nudge is to achieve a "zero accident culture".<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">&#91;</span>41<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Criticisms">Criticisms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=6" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Cass Sunstein has responded to critiques at length in his <i>The Ethics of Influence</i><sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">&#91;</span>42<span class="cite-bracket">&#93;</span></a></sup> making the case in favor of nudging against charges that nudges diminish autonomy,<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">&#91;</span>43<span class="cite-bracket">&#93;</span></a></sup> threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">&#91;</span>44<span class="cite-bracket">&#93;</span></a></sup> These charges have been made by various participants in the debate from Bovens<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">&#91;</span>45<span class="cite-bracket">&#93;</span></a></sup> to Goodwin.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">&#91;</span>46<span class="cite-bracket">&#93;</span></a></sup> Wilkinson for example charges nudges for being manipulative, while others such as Yeung question their scientific credibility.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">&#91;</span>47<span class="cite-bracket">&#93;</span></a></sup> </p><p>Some, such as Hausman &amp; Welch<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">&#91;</span>48<span class="cite-bracket">&#93;</span></a></sup> have inquired whether nudging should be permissible on grounds of (<a href="/wiki/Distributive_justice" title="Distributive justice">distributive</a><sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">&#91;<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (February 2018)">clarification needed</span></a></i>&#93;</sup>) justice; Lepenies &amp; Malecka<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">&#91;</span>49<span class="cite-bracket">&#93;</span></a></sup> have questioned whether nudges are compatible with the rule of law. Similarly, legal scholars have discussed the role of nudges and the law.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">&#91;</span>50<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">&#91;</span>51<span class="cite-bracket">&#93;</span></a></sup> </p><p>Behavioral economists such as Bob Sugden have pointed out that the underlying normative benchmark of nudging is still <a href="/wiki/Homo_oeconomicus" class="mw-redirect" title="Homo oeconomicus">homo economicus</a>, despite the proponents' claim to the contrary.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">&#91;</span>52<span class="cite-bracket">&#93;</span></a></sup> </p><p>It has been remarked that nudging is also a <a href="/wiki/Euphemism" title="Euphemism">euphemism</a> for <a href="/wiki/Psychological_manipulation" class="mw-redirect" title="Psychological manipulation">psychological manipulation</a> as practiced in <a href="/wiki/Social_engineering_(political_science)" title="Social engineering (political science)">social engineering</a>.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">&#91;</span>53<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">&#91;</span>54<span class="cite-bracket">&#93;</span></a></sup> </p><p>There exists an anticipation and, simultaneously, implicit criticism of the nudge theory in works of Hungarian social psychologists who emphasize the active participation in the nudge of its target (Ferenc Merei<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">&#91;</span>55<span class="cite-bracket">&#93;</span></a></sup> and Laszlo Garai<sup id="cite_ref-Garai_56-0" class="reference"><a href="#cite_note-Garai-56"><span class="cite-bracket">&#91;</span>56<span class="cite-bracket">&#93;</span></a></sup>). </p> <div class="mw-heading mw-heading2"><h2 id="Concepts">Concepts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=7" title="Edit section: Concepts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Behavioral economics aims to improve or overhaul traditional economic theory by studying failures in its assumptions that people are rational and selfish. Specifically, it studies the biases, tendencies and heuristics of people's economic decisions. It aids in determining whether people make good choices and whether they could be helped to make better choices. It can be applied both before and after a decision is made. </p> <div class="mw-heading mw-heading3"><h3 id="Search_heuristics">Search heuristics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=8" title="Edit section: Search heuristics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Behavioral economics proposes search heuristics as an aid for evaluating options. It is motivated by the fact that it is costly to gain information about options and it aims to maximise the <a href="/wiki/Utility" title="Utility">utility</a> of searching for information. While each heuristic is not wholistic in its explanation of the search process alone, a combination of these heuristics may be used in the decision-making process. There are three primary search heuristics. </p><p><b>Satisficing</b> </p><p><a href="/wiki/Satisficing" title="Satisficing">Satisficing</a> is the idea that there is some minimum requirement from the search and once that has been met, stop searching. After satisficing, a person may not have the most optimal option (i.e. the one with the highest utility), but would have a "good enough" one. This heuristic may be problematic if the aspiration level is set at such a level that no products exist that could meet the requirements. </p><p><b>Directed cognition</b> </p><p>Directed cognition is a search heuristic in which a person treats each opportunity to research information as their last. Rather than a contingent plan that indicates what will be done based on the results of each search, directed cognition considers only if one more search should be conducted and what alternative should be researched. </p><p><b>Elimination by aspects</b> </p><p>Whereas satisficing and directed cognition compare choices, elimination by aspects compares certain qualities. A person using the elimination by aspects heuristic first chooses the quality that they value most in what they are searching for and sets an aspiration level. This may be repeated to refine the search. i.e. identify the second most valued quality and set an aspiration level. Using this heuristic, options will be eliminated as they fail to meet the minimum requirements of the chosen qualities.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">&#91;</span>57<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Heuristics_and_cognitive_effects">Heuristics and cognitive effects</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=9" title="Edit section: Heuristics and cognitive effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Besides searching, behavioral economists and psychologists have identified other <a href="/wiki/Heuristics" class="mw-redirect" title="Heuristics">heuristics</a> and other cognitive effects that affect people's decision making. These include: </p><p><b>Mental accounting</b> </p><p><a href="/wiki/Mental_accounting" title="Mental accounting">Mental accounting</a> refers to the propensity to allocate resources for specific purposes. Mental accounting is a behavioral bias that causes one to separate money into different categories known as mental accounts either based on the source or the intention of the money.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">&#91;</span>58<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Anchoring</b> </p><p><a href="/wiki/Anchoring_(cognitive_bias)" class="mw-redirect" title="Anchoring (cognitive bias)">Anchoring</a> describes when people have a mental reference point with which they compare results to. For example, a person who anticipates that the weather on a particular day would be raining, but finds that on the day it is actually clear blue skies, would gain more utility from the pleasant weather because they anticipated that it would be bad.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">&#91;</span>59<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Herd behavior</b> </p><p>This is a relatively simple bias that reflects the tendency of people to mimic what everyone else is doing and follow the general consensus. </p><p><b>Framing effects</b> </p><p>People tend to choose differently depending on how the options are presented to them. People tend to have little control over their susceptibility to the framing effect, as often their choice-making process is based on intuition.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">&#91;</span>60<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Biases_and_fallacies">Biases and fallacies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=10" title="Edit section: Biases and fallacies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>While heuristics are tactics or mental shortcuts to aid in the decision-making process, people are also affected by a number of <a href="/wiki/Biases" class="mw-redirect" title="Biases">biases</a> and <a href="/wiki/Fallacies" class="mw-redirect" title="Fallacies">fallacies</a>. Behavioral economics identifies a number of these biases that negatively affect decision making such as: </p><p><b>Present bias</b> </p><p><a href="/wiki/Present_bias" title="Present bias">Present bias</a> reflects the human tendency to want rewards sooner. It describes people who are more likely to forego a greater payoff in the future in favour of receiving a smaller benefit sooner. An example of this is a smoker who is trying to quit. Although they know that in the future they will suffer health consequences, the immediate gain from the nicotine hit is more favourable to a person affected by present bias. Present bias is commonly split into people who are aware of their present bias (sophisticated) and those who are not (naive).<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">&#91;</span>61<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Gambler's fallacy</b> </p><p>The <a href="/wiki/Gambler%27s_fallacy" title="Gambler&#39;s fallacy">gambler's fallacy</a> stems from <a href="/wiki/Hasty_generalisation" class="mw-redirect" title="Hasty generalisation">law of small numbers</a>.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">&#91;</span>62<span class="cite-bracket">&#93;</span></a></sup> It is the belief that an event that has occurred often in the past is less likely to occur in the future, despite the probability remaining constant. For example, if a coin had been flipped three times and turned up heads every single time, a person influenced by the gambler's fallacy would predict that the next one ought to be tails because of the abnormal number of heads flipped in the past, even though the probability of a heads occurring is still 50%.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">&#91;</span>63<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Hot hand fallacy</b> </p><p>The hot hand fallacy is the opposite of the gambler's fallacy. It is the belief that an event that has occurred often in the past is more likely to occur again in the future such that the streak will continue. This fallacy is particularly common within sports. For example, if a football team has consistently won the last few games they have participated in, then it is often said that they are 'on form' and thus, it is expected that the football team will maintain their winning streak.<sup id="cite_ref-Cartwright_64-0" class="reference"><a href="#cite_note-Cartwright-64"><span class="cite-bracket">&#91;</span>64<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Narrative fallacy</b> </p><p>Narrative fallacy refers to when people use narratives to connect the dots between random events to make sense of arbitrary information. The term stems from Nassim Taleb's book <i><a href="/wiki/The_Black_Swan:_The_Impact_of_the_Highly_Improbable" title="The Black Swan: The Impact of the Highly Improbable">The Black Swan: The Impact of the Highly Improbable</a></i>. The narrative fallacy can be problematic as it can lead to individuals making false cause-effect relationships between events.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">&#91;</span>65<span class="cite-bracket">&#93;</span></a></sup> For example, a startup may get funding because investors are swayed by a narrative that sounds plausible, rather than by a more reasoned analysis of available evidence.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">&#91;</span>66<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Loss aversion</b> </p><p><a href="/wiki/Loss_aversion" title="Loss aversion">Loss aversion</a> refers to the tendency to place greater weight on losses compared to equivalent gains. In other words, this means that when an individual receives a loss, this will cause their utility to decline more so than the same-sized gain.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">&#91;</span>67<span class="cite-bracket">&#93;</span></a></sup> This means that they are far more likely to try to assign a higher priority on avoiding losses than making investment gains. As a result, some investors might want a higher payout to compensate for losses. If the high payout is not likely, they might try to avoid losses altogether even if the investment's risk is acceptable from a rational standpoint.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">&#91;</span>68<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Recency bias</b> </p><p><a href="/wiki/Recency_bias" title="Recency bias">Recency bias</a> is the belief that of a particular outcome is more probably simply because it had just occurred. For example, if the previous one or two flips were heads, a person affected by recency bias would continue to predict that heads would be flipped.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">&#91;</span>69<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Confirmation bias</b> </p><p><a href="/wiki/Confirmation_bias" title="Confirmation bias">Confirmation bias</a> is the tendency to prefer information consistent with one's beliefs and discount evidence inconsistent with them.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">&#91;</span>70<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Familiarity bias</b> </p><p>Familiarity bias simply describes the tendency of people to return to what they know and are comfortable with. Familiarity bias discourages affected people from exploring new options and may limit their ability to find an optimal solution.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">&#91;</span>71<span class="cite-bracket">&#93;</span></a></sup> </p><p><b>Status quo bias</b> </p><p><a href="/wiki/Status_quo_bias" title="Status quo bias">Status quo bias</a> describes the tendency of people to keep things as they are. It is a particular aversion to change in favor of remaining comfortable with what is known.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">&#91;</span>72<span class="cite-bracket">&#93;</span></a></sup> </p><p>Connected to this concept is the <a href="/wiki/Endowment_effect" title="Endowment effect">endowment effect</a>, a theory that people value things more if they own them - they require more to give up an object than they would be willing to pay to acquire it.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">&#91;</span>73<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Behavioral_finance">Behavioral finance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=11" title="Edit section: Behavioral finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Behavioral finance<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">&#91;</span>74<span class="cite-bracket">&#93;</span></a></sup> is the study of the influence of <a href="/wiki/Psychology" title="Psychology">psychology</a> on the behavior of investors or <a href="/wiki/Financial_analysts" class="mw-redirect" title="Financial analysts">financial analysts</a>. It assumes that investors are not always <a href="/wiki/Rational" class="mw-redirect" title="Rational">rational</a>, have limits to their self-control and are influenced by their own <a href="/wiki/Biases_in_inductive_reasoning" class="mw-redirect" title="Biases in inductive reasoning">biases</a>.<sup id="cite_ref-corporatefinanceinstitute.com_75-0" class="reference"><a href="#cite_note-corporatefinanceinstitute.com-75"><span class="cite-bracket">&#91;</span>75<span class="cite-bracket">&#93;</span></a></sup> For example, behavioral law and economics scholars studying the growth of financial firms' technological capabilities have attributed decision science to irrational consumer decisions.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">&#91;</span>76<span class="cite-bracket">&#93;</span></a></sup><b><sup class="reference nowrap"><span title="Page / location: 1321">&#58;&#8202;1321&#8202;</span></sup></b> It also includes the subsequent effects on the markets. Behavioral Finance attempts to explain the reasoning patterns of investors and measures the influential power of these patterns on the investor's decision making. The central issue in behavioral finance is explaining why market participants make irrational <a href="/wiki/Systematic_errors" class="mw-redirect" title="Systematic errors">systematic errors</a> contrary to assumption of rational market participants.<sup id="cite_ref-ssrn.com_1-1" class="reference"><a href="#cite_note-ssrn.com-1"><span class="cite-bracket">&#91;</span>1<span class="cite-bracket">&#93;</span></a></sup> Such errors affect prices and returns, creating market inefficiencies. </p> <div class="mw-heading mw-heading3"><h3 id="Traditional_finance">Traditional finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=12" title="Edit section: Traditional finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The accepted theories of finance are referred to as traditional finance. The foundation of traditional finance is associated with the <a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">modern portfolio theory</a> (MPT) and the <a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">efficient-market hypothesis</a> (EMH). Modern portfolio theory is based on a stock or portfolio's expected return, standard deviation, and its correlation with the other assets held within the portfolio. With these three concepts, an efficient portfolio can be created for any group of assets. An efficient portfolio is a group of assets that has the maximum expected return given the amount of risk. The efficient-market hypothesis states that all public information is already reflected in a security's price. The proponents of the traditional theories believe that "investors should just own the entire market rather than attempting to outperform the market". Behavioral finance has emerged as an alternative to these theories of traditional finance and the behavioral aspects of psychology and sociology are integral catalysts within this field of study.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">&#91;</span>77<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Evolution">Evolution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=13" title="Edit section: Evolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The foundations of behavioral finance can be traced back over 150 years. Several original books written in the 1800s and early 1900s marked the beginning of the behavioral finance school. Originally published in 1841, MacKay's <i><a href="/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds" title="Extraordinary Popular Delusions and the Madness of Crowds">Extraordinary Popular Delusions and the Madness of Crowds</a></i> presents a chronological timeline of the various panics and schemes throughout history.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">&#91;</span>78<span class="cite-bracket">&#93;</span></a></sup> This work shows how group behavior applies to the financial markets of today. Le Bon's important work, <i><a href="/wiki/The_Crowd:_A_Study_of_the_Popular_Mind" title="The Crowd: A Study of the Popular Mind">The Crowd: A Study of the Popular Mind</a></i>, discusses the role of "crowds" (also known as <a href="/wiki/Crowd_psychology" title="Crowd psychology">crowd psychology</a>) and group behavior as they apply to the fields of behavioral finance, social psychology, sociology and history. Selden's 1912 book <i>Psychology of The Stock Market</i> applies the field of psychology directly to the stock market and discusses the emotional and psychological forces at work on investors and traders in the financial markets. These three works along with several others form the foundation of applying psychology and sociology to the field of finance. The foundation of behavioral finance is an area based on an interdisciplinary approach including scholars from the social sciences and business schools. From the liberal arts perspective, this includes the fields of psychology, sociology, anthropology, economics and behavioral economics. On the business administration side, this covers areas such as management, marketing, finance, technology and accounting. </p><p>Critics contend that behavioral finance is more a collection of <a href="/wiki/Market_anomaly" title="Market anomaly">anomalies</a> than a true branch of <a href="/wiki/Finance" title="Finance">finance</a> and that these anomalies are either quickly priced out of the market or explained by appealing to <a href="/wiki/Market_microstructure" title="Market microstructure">market microstructure</a> arguments. However, individual <a href="/wiki/Cognitive_bias" title="Cognitive bias">cognitive biases</a> are distinct from social biases; the former can be averaged out by the market, while the other can create positive <a href="/wiki/Feedback_loop" class="mw-redirect" title="Feedback loop">feedback loops</a> that drive the market further and further from a "<a href="/wiki/Fair_price" class="mw-redirect" title="Fair price">fair price</a>" equilibrium. It is observed that, the problem with the general area of behavioral finance is that it only serves as a complement to general economics. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">&#91;</span>79<span class="cite-bracket">&#93;</span></a></sup> A specific example of this criticism appears in some explanations of the <a href="/wiki/Equity_premium_puzzle" title="Equity premium puzzle">equity premium puzzle</a>.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">&#91;</span>80<span class="cite-bracket">&#93;</span></a></sup> It is argued that the cause is <a href="/wiki/Barriers_to_entry" title="Barriers to entry">entry barriers</a> (both practical and psychological) and that the equity premium should reduce as electronic resources open up the stock market to more traders.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">&#91;</span>81<span class="cite-bracket">&#93;</span></a></sup> In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">&#91;</span>82<span class="cite-bracket">&#93;</span></a></sup> In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">&#91;</span>83<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Quantitative_behavioral_finance">Quantitative behavioral finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=14" title="Edit section: Quantitative behavioral finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">Quantitative behavioral finance</a> uses mathematical and statistical methodology to understand <a href="/wiki/Behavioral_bias" class="mw-redirect" title="Behavioral bias">behavioral biases</a>. Some <a href="/wiki/Financial_model" class="mw-redirect" title="Financial model">financial models</a> used in money management and asset valuation, as well as more <a href="/wiki/Financial_economics" title="Financial economics">theoretical models</a>, likewise, incorporate behavioral finance parameters. Examples: </p> <ul><li>Thaler's model of price reactions to information, with three phases (underreaction, adjustment, and overreaction), creating a price <a href="/wiki/Market_analysis#Market_trends" title="Market analysis">trend</a>. (One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news. In other words, overreaction occurs if the market reacts too strongly or for too long to news, thus requiring an adjustment in the opposite direction. As a result, outperforming assets in one period is likely to underperform in the following period. This also applies to customers' irrational purchasing <a href="/wiki/Habit" title="Habit">habits</a>.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">&#91;</span>84<span class="cite-bracket">&#93;</span></a></sup>)</li> <li>The <a href="/wiki/Stock_valuation" title="Stock valuation">stock image</a> coefficient</li> <li><a href="/wiki/Artificial_financial_market" class="mw-redirect" title="Artificial financial market">Artificial financial market</a></li> <li><a href="/wiki/Market_microstructure" title="Market microstructure">Market microstructure</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Applied_issues">Applied issues</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=15" title="Edit section: Applied issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Behavioral_game_theory">Behavioral game theory</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=16" title="Edit section: Behavioral game theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Behavioral_game_theory" title="Behavioral game theory">Behavioral game theory</a></div> <p>Behavioral game theory, invented by <a href="/wiki/Colin_Camerer" title="Colin Camerer">Colin Camerer</a>, analyzes interactive <a href="/wiki/Strategy_(game_theory)" title="Strategy (game theory)">strategic</a> decisions and behavior using the <a href="/wiki/Methodology" title="Methodology">methods</a> of <a href="/wiki/Game_theory" title="Game theory">game theory</a>,<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">&#91;</span>85<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Experimental_economics#Experimental_topics" title="Experimental economics">experimental economics</a>, and <a href="/wiki/Experimental_psychology" title="Experimental psychology">experimental psychology</a>. Experiments include testing deviations from typical simplifications of economic theory such as the <a href="/wiki/Independence_of_irrelevant_alternatives" title="Independence of irrelevant alternatives">independence axiom</a><sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">&#91;</span>86<span class="cite-bracket">&#93;</span></a></sup> and neglect of <a href="/wiki/Altruism" title="Altruism">altruism</a>,<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">&#91;</span>87<span class="cite-bracket">&#93;</span></a></sup> <a href="/wiki/Fair_division" title="Fair division">fairness</a>,<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">&#91;</span>88<span class="cite-bracket">&#93;</span></a></sup> and <a href="/wiki/Framing_effect_(psychology)" title="Framing effect (psychology)">framing effects</a>.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">&#91;</span>89<span class="cite-bracket">&#93;</span></a></sup> On the <a href="/wiki/Positive_economics" class="mw-redirect" title="Positive economics">positive</a> side, the method has been applied to interactive learning<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">&#91;</span>90<span class="cite-bracket">&#93;</span></a></sup> and <a href="/wiki/Social_preference" class="mw-redirect" title="Social preference">social preferences</a>.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">&#91;</span>91<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">&#91;</span>92<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">&#91;</span>93<span class="cite-bracket">&#93;</span></a></sup> As a research program, the subject is a development of the last three decades.<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">&#91;</span>94<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">&#91;</span>95<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">&#91;</span>96<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">&#91;</span>97<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">&#91;</span>98<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">&#91;</span>99<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">&#91;</span>100<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Artificial_intelligence">Artificial intelligence</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=17" title="Edit section: Artificial intelligence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Artificial_intelligence" title="Artificial intelligence">Artificial intelligence</a></div> <p>Much of the decisions are more and more made either by human beings with the assistance of artificial intelligent machines or wholly made by these machines. <a href="/wiki/Tshilidzi_Marwala" title="Tshilidzi Marwala">Tshilidzi Marwala</a> and Evan Hurwitz in their book,<sup id="cite_ref-ReferenceA_101-0" class="reference"><a href="#cite_note-ReferenceA-101"><span class="cite-bracket">&#91;</span>101<span class="cite-bracket">&#93;</span></a></sup> studied the utility of behavioral economics in such situations and concluded that these intelligent machines reduce the impact of bounded rational decision making. In particular, they observed that these intelligent machines reduce the degree of <a href="/wiki/Information_asymmetry" title="Information asymmetry">information asymmetry</a> in the market, improve decision making and thus making markets more rational. </p><p>The use of AI machines in the market in applications such as online trading and decision making has changed major economic theories.<sup id="cite_ref-ReferenceA_101-1" class="reference"><a href="#cite_note-ReferenceA-101"><span class="cite-bracket">&#91;</span>101<span class="cite-bracket">&#93;</span></a></sup> Other theories where AI has had impact include in <a href="/wiki/Rational_choice" class="mw-redirect" title="Rational choice">rational choice</a>, <a href="/wiki/Rational_expectations" title="Rational expectations">rational expectations</a>, <a href="/wiki/Game_theory" title="Game theory">game theory</a>, <a href="/wiki/Lewis_turning_point" title="Lewis turning point">Lewis turning point</a>, <a href="/wiki/Portfolio_optimization" title="Portfolio optimization">portfolio optimization</a> and <a href="/wiki/Counterfactual_thinking" title="Counterfactual thinking">counterfactual thinking</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Other_areas_of_research">Other areas of research</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=18" title="Edit section: Other areas of research"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences. <a href="/wiki/Ernst_Fehr" title="Ernst Fehr">Ernst Fehr</a>, <a href="/wiki/Armin_Falk" title="Armin Falk">Armin Falk</a>, and Rabin studied <a href="/wiki/Distributive_justice" title="Distributive justice">fairness</a>, <a href="/wiki/Inequity_aversion" title="Inequity aversion">inequity aversion</a> and <a href="/wiki/Reciprocal_altruism" title="Reciprocal altruism">reciprocal altruism</a>, weakening the neoclassical assumption of perfect <a href="/wiki/Selfishness" title="Selfishness">selfishness</a>. This work is particularly applicable to wage setting. The work on "intrinsic motivation by <a href="/wiki/Uri_Gneezy" title="Uri Gneezy">Uri Gneezy</a> and <a href="/wiki/Aldo_Rustichini" title="Aldo Rustichini">Aldo Rustichini</a> and "identity" by <a href="/wiki/George_Akerlof" title="George Akerlof">George Akerlof</a> and <a href="/wiki/Rachel_Kranton" title="Rachel Kranton">Rachel Kranton</a> assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.<sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">&#91;</span>102<span class="cite-bracket">&#93;</span></a></sup> </p><p>"Conditional expected utility" is a form of reasoning where the individual has an <a href="/wiki/Illusion_of_control" title="Illusion of control">illusion of control</a>, and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">&#91;</span>103<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">&#91;</span>104<span class="cite-bracket">&#93;</span></a></sup> </p><p>Behavioral economics caught on among the general public with the success of books such as <a href="/wiki/Dan_Ariely" title="Dan Ariely">Dan Ariely</a>'s <i><a href="/wiki/Predictably_Irrational" title="Predictably Irrational">Predictably Irrational</a>.</i> Practitioners of the discipline have studied quasi-public policy topics such as <a href="/wiki/Broadband_mapping_in_the_United_States" title="Broadband mapping in the United States">broadband mapping</a>.<sup id="cite_ref-twsA2faa4_105-0" class="reference"><a href="#cite_note-twsA2faa4-105"><span class="cite-bracket">&#91;</span>105<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-twsA2xx_106-0" class="reference"><a href="#cite_note-twsA2xx-106"><span class="cite-bracket">&#91;</span>106<span class="cite-bracket">&#93;</span></a></sup> </p><p>Applications for behavioral economics include the modeling of the consumer decision-making process for applications in <a href="/wiki/Artificial_intelligence" title="Artificial intelligence">artificial intelligence</a> and <a href="/wiki/Machine_learning" title="Machine learning">machine learning</a>. The Silicon Valley–based start-up Singularities is using the <a href="/wiki/AGM_postulates" class="mw-redirect" title="AGM postulates">AGM postulates</a> proposed by Alchourrón, Gärdenfors, and Makinson—the formalization of the concepts of beliefs and change for rational entities—in a <a href="/wiki/Symbolic_logic" class="mw-redirect" title="Symbolic logic">symbolic logic</a> to create a "machine learning and deduction engine that uses the latest <a href="/wiki/Data_science" title="Data science">data science</a> and <a href="/wiki/Big_data" title="Big data">big data</a> algorithms in order to generate the content and conditional rules (counterfactuals) that capture customer's behaviors and beliefs."<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">&#91;</span>107<span class="cite-bracket">&#93;</span></a></sup> </p><p>The <a href="/wiki/University_of_Pennsylvania" title="University of Pennsylvania">University of Pennsylvania</a>'s Center for Health Incentives &amp; Behavioral Economics (CHIBE) looks at how behavioral economics can improve health outcomes. CHIBE researchers have found evidence that many behavioral economics principles (incentives, patient and clinician nudges, gamification, loss aversion, and more) can be helpful to encourage vaccine uptake, smoking cessation, medication adherence, and physical activity, for example.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">&#91;</span>108<span class="cite-bracket">&#93;</span></a></sup> </p><p>Applications of behavioral economics also exist in other disciplines, for example in the area of supply chain management.<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">&#91;</span>109<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Honors_and_awards">Honors and awards</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=19" title="Edit section: Honors and awards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Nobel_Prize">Nobel Prize</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=20" title="Edit section: Nobel Prize"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="1978_–_Herbert_Simon"><span id="1978_.E2.80.93_Herbert_Simon"></span>1978 – Herbert Simon</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=21" title="Edit section: 1978 – Herbert Simon"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1978 <a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert Simon</a> was awarded the <a href="/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel Memorial Prize in Economic Sciences</a> "for his pioneering research into the decision-making process within economic organizations".<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">&#91;</span>110<span class="cite-bracket">&#93;</span></a></sup> Simon earned his Bachelor of Arts and his Ph.D. in Political Science from the University of Chicago before going on to teach at Carnegie Tech.<sup id="cite_ref-111" class="reference"><a href="#cite_note-111"><span class="cite-bracket">&#91;</span>111<span class="cite-bracket">&#93;</span></a></sup> Herbert was praised for his work on <a href="/wiki/Bounded_rationality" title="Bounded rationality">bounded rationality</a>, a challenge to the assumption that humans are rational actors.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">&#91;</span>112<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="2002_–-_Daniel_Kahneman_and_Vernon_L._Smith"><span id="2002_.E2.80.93-_Daniel_Kahneman_and_Vernon_L._Smith"></span>2002 –- Daniel Kahneman and Vernon L. Smith</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=22" title="Edit section: 2002 –- Daniel Kahneman and Vernon L. Smith"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2002, psychologist <a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a> and economist <a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Vernon L. Smith</a> were awarded the Nobel Memorial Prize in Economic Sciences. Kahneman was awarded the prize "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty", while Smith was awarded the prize "for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."<sup id="cite_ref-Winners20022_113-0" class="reference"><a href="#cite_note-Winners20022-113"><span class="cite-bracket">&#91;</span>113<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="2017_–_Richard_Thaler"><span id="2017_.E2.80.93_Richard_Thaler"></span>2017 – Richard Thaler</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=23" title="Edit section: 2017 – Richard Thaler"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2017, economist <a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a> was awarded the Nobel Memorial Prize in Economic Sciences for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory."<sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">&#91;</span>114<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-115" class="reference"><a href="#cite_note-115"><span class="cite-bracket">&#91;</span>115<span class="cite-bracket">&#93;</span></a></sup> Thaler was especially recognized for presenting inconsistencies in standard Economic theory and for his formulation of <a href="/wiki/Mental_accounting" title="Mental accounting">mental accounting</a> and <a href="/wiki/Libertarian_paternalism" title="Libertarian paternalism">Libertarian paternalism</a><sup id="cite_ref-116" class="reference"><a href="#cite_note-116"><span class="cite-bracket">&#91;</span>116<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-117" class="reference"><a href="#cite_note-117"><span class="cite-bracket">&#91;</span>117<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Other_Awards">Other Awards</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=24" title="Edit section: Other Awards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="1999_–_Andrei_Shleifer"><span id="1999_.E2.80.93_Andrei_Shleifer"></span>1999 – Andrei Shleifer</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=25" title="Edit section: 1999 – Andrei Shleifer"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The work of <a href="/wiki/Andrei_Shleifer" title="Andrei Shleifer">Andrei Shleifer</a> focused on behavioral finance and made observations on the limits of the <a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">efficient market hypothesis</a>.<sup id="cite_ref-:43_7-1" class="reference"><a href="#cite_note-:43-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup> Shleifer received the 1999 <a href="/wiki/John_Bates_Clark_Medal" title="John Bates Clark Medal">John Bates Clark Medal</a> from the <a href="/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a> for his work.<sup id="cite_ref-118" class="reference"><a href="#cite_note-118"><span class="cite-bracket">&#91;</span>118<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="2001_–_Matthew_Rabin"><span id="2001_.E2.80.93_Matthew_Rabin"></span>2001 – Matthew Rabin</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=26" title="Edit section: 2001 – Matthew Rabin"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Matthew_Rabin" title="Matthew Rabin">Matthew Rabin</a> received the "genius" award from the MarArthur Foundation in 2000.<sup id="cite_ref-:43_7-2" class="reference"><a href="#cite_note-:43-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup> The American Economic Association chose Rabin as the recipient of the 2001 John Bates Clark medal. Rabin's awards were given to him primarily on the basis of his work on fairness and reciprocity, and on <a href="/wiki/Present_bias" title="Present bias">present bias</a>.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">&#91;</span>119<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="2003_–_Sendhil_Mullainathan"><span id="2003_.E2.80.93_Sendhil_Mullainathan"></span>2003 – Sendhil Mullainathan</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=27" title="Edit section: 2003 – Sendhil Mullainathan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Sendhil_Mullainathan" title="Sendhil Mullainathan">Sendhil Mullainathan</a> was the youngest of the chosen MacArthur Fellows in 2002, receiving a fellowship grant of $500,000 in 2003.<sup id="cite_ref-120" class="reference"><a href="#cite_note-120"><span class="cite-bracket">&#91;</span>120<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-:43_7-3" class="reference"><a href="#cite_note-:43-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup> Mullainathan was praised by the MacArthur Foundation as working on economics and psychology as an aggregate.<sup id="cite_ref-:43_7-4" class="reference"><a href="#cite_note-:43-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup> Mullainathan's research focused on the salaries of executives on Wall Street; he also has looked at the implications of racial discrimination in markets in the United States.<sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">&#91;</span>121<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-:43_7-5" class="reference"><a href="#cite_note-:43-7"><span class="cite-bracket">&#91;</span>7<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=28" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Taken together, two landmark papers in economic theory which were published before the field of Behavioral Economics emerged, the first is the paper "<a href="/wiki/Uncertainty,_Evolution,_and_Economic_Theory" title="Uncertainty, Evolution, and Economic Theory">Uncertainty, Evolution, and Economic Theory</a>" by <a href="/wiki/Armen_Alchian" title="Armen Alchian">Armen Alchian</a> from 1950 and the second is the paper "Irrational Behavior and Economic Theory" from 1962 by <a href="/wiki/Gary_Becker" title="Gary Becker">Gary Becker</a>, both of which were published in the <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i>,<sup id="cite_ref-Alchian_122-0" class="reference"><a href="#cite_note-Alchian-122"><span class="cite-bracket">&#91;</span>122<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-Becker_123-0" class="reference"><a href="#cite_note-Becker-123"><span class="cite-bracket">&#91;</span>123<span class="cite-bracket">&#93;</span></a></sup> provide a justification for standard neoclassical economic analysis. Alchian's 1950 paper uses the logic of natural selection, <a href="/wiki/Evolutionary_landscape" title="Evolutionary landscape">the Evolutionary Landscape model</a>, stochastic processes, probability theory, and several other lines of reasoning to justify many of the results derived from standard supply analysis assuming firms which maximizing their profits, are certain about the future, and have accurate foresight without having to assume any of those things. Becker's 1962 paper shows that downward sloping market demand curves (the most important implication of <a href="/wiki/Law_of_demand" title="Law of demand">the law of demand</a>) do not actually require an assumption that the consumers in that market are rational, as is claimed by behavioral economists and they also follow from a wide variety of irrational behavior as well. </p><p>The lines of reasoning and argumentation used in these two papers is re-expressed and expanded upon in (at least) one other professional economic publication for each of them. As for Alchian's evolutionary economics via natural selection by way of environmental adoption thesis, it is summarized, followed by an explicit exploration of its theoretical implications for Behavioral Economic theory, then illustrated via examples in several different industries including banking, hospitality, and transportation, in the 2014 paper "Uncertainty, Evolution, and Behavioral Economic Theory," by Manne and Zywicki.<sup id="cite_ref-124" class="reference"><a href="#cite_note-124"><span class="cite-bracket">&#91;</span>124<span class="cite-bracket">&#93;</span></a></sup> And the argument made in Becker's 1962 paper, that a 'pure' increase in the (relative) price (or terms of trade) of good X must reduce the amount of X demanded in the market for good X, is explained in greater detail in chapters (or as he calls them, "Lectures" because this textbook is more or less a transcription of his lectures given in his Price Theory course taught to 1st year PhD students several years earlier) 4 (called The Opportunity Set) and 5 (called Substitution Effects) of Gary Becker's graduate level textbook Economic Theory, originally published in 1971.<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">&#91;</span>125<span class="cite-bracket">&#93;</span></a></sup> </p><p>Besides the three critical aforementioned articles, critics of behavioral economics typically stress the <a href="/wiki/Rationality" title="Rationality">rationality</a> of economic agents.<sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">&#91;</span>126<span class="cite-bracket">&#93;</span></a></sup> A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.<sup id="cite_ref-127" class="reference"><a href="#cite_note-127"><span class="cite-bracket">&#91;</span>127<span class="cite-bracket">&#93;</span></a></sup> </p><p>Others, such as the essayist and former trader <a href="/wiki/Nassim_Taleb" class="mw-redirect" title="Nassim Taleb">Nassim Taleb</a> note that cognitive theories, such as <a href="/wiki/Prospect_theory" title="Prospect theory">prospect theory</a>, are models of <a href="/wiki/Decision-making" title="Decision-making">decision-making</a>, not generalized economic behavior, and are only applicable to the sort of once-off decision problems presented to experiment participants or survey respondents.<sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">&#91;</span>128<span class="cite-bracket">&#93;</span></a></sup> It is noteworthy that in the episode of <a href="/wiki/EconTalk" title="EconTalk">EconTalk</a> in which Taleb said this, he and the host, <a href="/wiki/Russ_Roberts" title="Russ Roberts">Russ Roberts</a> discuss the significance of Gary Becker's 1962 paper cited in the first paragraph in this section as an argument against any implications which can be drawn from one shot psychological experiments on market level outcomes outside of laboratory settings, i.e. in the real world. Others argue that decision-making models, such as the <a href="/wiki/Endowment_effect" title="Endowment effect">endowment effect theory</a>, that have been widely accepted by behavioral economists may be erroneously established as a consequence of poor experimental design practices that do not adequately control subject misconceptions.<sup id="cite_ref-:0_2-1" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">&#91;</span>2<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-129" class="reference"><a href="#cite_note-129"><span class="cite-bracket">&#91;</span>129<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-130" class="reference"><a href="#cite_note-130"><span class="cite-bracket">&#91;</span>130<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-131" class="reference"><a href="#cite_note-131"><span class="cite-bracket">&#91;</span>131<span class="cite-bracket">&#93;</span></a></sup> </p><p>Despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no alternative unified theory of their own to replace neoclassical economics with. </p><p><a href="/wiki/David_Gal" title="David Gal">David Gal</a> has argued that many of these issues stem from behavioral economics being too concerned with understanding <i>how</i> behavior deviates from standard economic models rather than with understanding <i>why</i> people behave the way they do. Understanding why behavior occurs is necessary for the creation of generalizable knowledge, the goal of <a href="/wiki/Science" title="Science">science</a>. He has referred to behavioral economics as a "triumph of marketing" and particularly cited the example of loss aversion.<sup id="cite_ref-132" class="reference"><a href="#cite_note-132"><span class="cite-bracket">&#91;</span>132<span class="cite-bracket">&#93;</span></a></sup> </p><p>Traditional economists are skeptical of the experimental and survey-based techniques that behavioral economics uses extensively. Economists typically stress <a href="/wiki/Revealed_preference" title="Revealed preference">revealed preferences</a> over stated preferences (from surveys) in the determination of <a href="/wiki/Economic_value" class="mw-redirect" title="Economic value">economic value</a>. Experiments and surveys are at risk of <a href="/wiki/Systemic_bias" title="Systemic bias">systemic biases</a>, strategic behavior and lack of incentive compatibility. Some researchers point out that participants of experiments conducted by behavioral economists are not representative enough and drawing broad conclusions on the basis of such experiments is not possible. An acronym <a href="/wiki/WEIRD" class="mw-redirect" title="WEIRD">WEIRD</a> has been coined in order to describe the studies participants—as those who come from Western, Educated, Industrialized, Rich, and Democratic societies.<sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">&#91;</span>133<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Responses">Responses</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=29" title="Edit section: Responses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Matthew_Rabin" title="Matthew Rabin">Matthew Rabin</a><sup id="cite_ref-FOOTNOTERabin199811–46_134-0" class="reference"><a href="#cite_note-FOOTNOTERabin199811–46-134"><span class="cite-bracket">&#91;</span>134<span class="cite-bracket">&#93;</span></a></sup> dismisses these criticisms, countering that consistent results typically are obtained in multiple situations and geographies and can produce good theoretical insight. Behavioral economists, however, responded to these criticisms by focusing on field studies rather than lab experiments. Some economists see a fundamental schism between <a href="/wiki/Experimental_economics" title="Experimental economics">experimental economics</a> and behavioral economics, but prominent behavioral and experimental economists tend to share techniques and approaches in answering common questions. For example, behavioral economists are investigating <a href="/wiki/Neuroeconomics" title="Neuroeconomics">neuroeconomics</a>, which is entirely experimental and has not been verified in the field.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">&#91;<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2010)">citation needed</span></a></i>&#93;</sup> </p><p>The epistemological, ontological, and methodological components of behavioral economics are increasingly debated, in particular by historians of economics and economic methodologists.<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">&#91;</span>135<span class="cite-bracket">&#93;</span></a></sup> </p><p>According to some researchers,<sup id="cite_ref-Sarapultsev,_A._2014_136-0" class="reference"><a href="#cite_note-Sarapultsev,_A._2014-136"><span class="cite-bracket">&#91;</span>136<span class="cite-bracket">&#93;</span></a></sup> when studying the mechanisms that form the basis of decision-making, especially financial decision-making, it is necessary to recognize that most decisions are made under stress<sup id="cite_ref-137" class="reference"><a href="#cite_note-137"><span class="cite-bracket">&#91;</span>137<span class="cite-bracket">&#93;</span></a></sup> because, "Stress is the nonspecific body response to any demands presented to it."<sup id="cite_ref-Selye2013_138-0" class="reference"><a href="#cite_note-Selye2013-138"><span class="cite-bracket">&#91;</span>138<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Related_fields">Related fields</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=30" title="Edit section: Related fields"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Experimental_economics">Experimental economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=31" title="Edit section: Experimental economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></div> <p>Experimental economics is the application of <a href="/wiki/Experiment" title="Experiment">experimental methods</a>, including <a href="/wiki/Statistical" class="mw-redirect" title="Statistical">statistical</a>, <a href="/wiki/Econometric" class="mw-redirect" title="Econometric">econometric</a>, and <a href="/wiki/Computational_economics" title="Computational economics">computational</a>,<sup id="cite_ref-139" class="reference"><a href="#cite_note-139"><span class="cite-bracket">&#91;</span>139<span class="cite-bracket">&#93;</span></a></sup> to study economic questions. <a href="/wiki/Economic_data" title="Economic data">Data</a> collected in experiments are used to estimate <a href="/wiki/Effect_size" title="Effect size">effect size</a>, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).<sup id="cite_ref-140" class="reference"><a href="#cite_note-140"><span class="cite-bracket">&#91;</span>140<span class="cite-bracket">&#93;</span></a></sup> </p><p>A fundamental aspect of the subject is <a href="/wiki/Design_of_experiments" title="Design of experiments">design of experiments</a>. Experiments may be conducted in the <a href="/wiki/Field_experiments" class="mw-redirect" title="Field experiments">field</a> or in laboratory settings, whether of <a href="/wiki/Experimental_psychology" title="Experimental psychology">individual</a> or <a href="/wiki/Social_psychology" title="Social psychology">group</a> behavior.<sup id="cite_ref-141" class="reference"><a href="#cite_note-141"><span class="cite-bracket">&#91;</span>141<span class="cite-bracket">&#93;</span></a></sup> </p><p>Variants of the subject outside such formal confines include <a href="/wiki/Natural_experiment" title="Natural experiment">natural</a> and <a href="/wiki/Quasi-natural_experiment" class="mw-redirect" title="Quasi-natural experiment">quasi-natural experiments</a>.<sup id="cite_ref-142" class="reference"><a href="#cite_note-142"><span class="cite-bracket">&#91;</span>142<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Neuroeconomics">Neuroeconomics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=32" title="Edit section: Neuroeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Neuroeconomics" title="Neuroeconomics">Neuroeconomics</a></div> <p>Neuroeconomics is an <a href="/wiki/Interdisciplinarity" title="Interdisciplinarity">interdisciplinary</a> field that seeks to explain human <a href="/wiki/Decision_making" class="mw-redirect" title="Decision making">decision making</a>, the ability to process multiple alternatives and to follow a course of action. It studies how economic behavior can shape our understanding of the <a href="/wiki/Brain" title="Brain">brain</a>, and how neuroscientific discoveries can constrain and guide models of economics.<sup id="cite_ref-neuroeconomics.duke.edu_143-0" class="reference"><a href="#cite_note-neuroeconomics.duke.edu-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> It combines research methods from <a href="/wiki/Neuroscience" title="Neuroscience">neuroscience</a>, <a href="/wiki/Experimental_economics" title="Experimental economics">experimental</a> and behavioral economics, and <a href="/wiki/Cognitive_psychology" title="Cognitive psychology">cognitive</a> and <a href="/wiki/Social_psychology" title="Social psychology">social</a> psychology.<sup id="cite_ref-LevalloisClithero2012_144-0" class="reference"><a href="#cite_note-LevalloisClithero2012-144"><span class="cite-bracket">&#91;</span>144<span class="cite-bracket">&#93;</span></a></sup> As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from <a href="/wiki/Theoretical_biology" class="mw-redirect" title="Theoretical biology">theoretical biology</a>, <a href="/wiki/Computer_science" title="Computer science">computer science</a>, and <a href="/wiki/Mathematics" title="Mathematics">mathematics</a>. </p><p>Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a>, <a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">expected utility</a> (EU) and the concept of <a href="/wiki/Rational_agents" class="mw-redirect" title="Rational agents">rational agents</a> are still being used. Many economic behaviors are not fully explained by these models, such as <a href="/wiki/Heuristics" class="mw-redirect" title="Heuristics">heuristics</a> and <a href="/wiki/Framing_(social_sciences)" title="Framing (social sciences)">framing</a>.<sup id="cite_ref-annualreviews.org_145-0" class="reference"><a href="#cite_note-annualreviews.org-145"><span class="cite-bracket">&#91;</span>145<span class="cite-bracket">&#93;</span></a></sup> Behavioral economics emerged to account for these anomalies by integrating social, cognitive, and emotional factors in understanding economic decisions. Neuroeconomics adds another layer by using neuroscientific methods in understanding the interplay between economic behavior and neural mechanisms. By using tools from various fields, some scholars claim that neuroeconomics offers a more integrative way of understanding decision making.<sup id="cite_ref-neuroeconomics.duke.edu_143-1" class="reference"><a href="#cite_note-neuroeconomics.duke.edu-143"><span class="cite-bracket">&#91;</span>143<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Evolutionary_psychology">Evolutionary psychology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=33" title="Edit section: Evolutionary psychology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Evolutionary_psychology" title="Evolutionary psychology">Evolutionary psychology</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></div> <p>An <a href="/wiki/Evolutionary_psychology" title="Evolutionary psychology">evolutionary psychology</a> perspective states that many of the perceived limitations in rational choice can be explained as being rational in the context of maximizing biological <a href="/wiki/Fitness_(biology)" title="Fitness (biology)">fitness</a> in the ancestral environment, but not necessarily in the current one. Thus, when living at subsistence level where a reduction of resources may result in death, it may have been rational to place a greater value on preventing losses than on obtaining gains. It may also explain behavioral differences between groups, such as males being less risk-averse than females since males have more variable <a href="/wiki/Reproductive_success" title="Reproductive success">reproductive success</a> than females. While unsuccessful risk-seeking may limit reproductive success for both sexes, males may potentially increase their reproductive success from successful risk-seeking much more than females can.<sup id="cite_ref-AEP_146-0" class="reference"><a href="#cite_note-AEP-146"><span class="cite-bracket">&#91;</span>146<span class="cite-bracket">&#93;</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Notable_people">Notable people</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=34" title="Edit section: Notable people"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Economics">Economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=35" title="Edit section: Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/George_Akerlof" title="George Akerlof">George Akerlof</a></li> <li><a href="/wiki/Werner_De_Bondt" title="Werner De Bondt">Werner De Bondt</a></li> <li><a href="/wiki/Paul_De_Grauwe" title="Paul De Grauwe">Paul De Grauwe</a><sup id="cite_ref-147" class="reference"><a href="#cite_note-147"><span class="cite-bracket">&#91;</span>147<span class="cite-bracket">&#93;</span></a></sup></li> <li><a href="/wiki/Linda_C._Babcock" title="Linda C. Babcock">Linda C. Babcock</a></li> <li><a href="/wiki/Douglas_Bernheim" title="Douglas Bernheim">Douglas Bernheim</a><sup id="cite_ref-148" class="reference"><a href="#cite_note-148"><span class="cite-bracket">&#91;</span>148<span class="cite-bracket">&#93;</span></a></sup></li> <li><a href="/wiki/Colin_Camerer" title="Colin Camerer">Colin Camerer</a></li> <li><a href="/wiki/Armin_Falk" title="Armin Falk">Armin Falk</a></li> <li><a href="/wiki/Urs_Fischbacher" title="Urs Fischbacher">Urs Fischbacher</a></li> <li><a href="/wiki/Tshilidzi_Marwala" title="Tshilidzi Marwala">Tshilidzi Marwala</a></li> <li><a href="/wiki/Susan_E._Mayer" title="Susan E. Mayer">Susan E. Mayer</a></li> <li><a href="/wiki/Ernst_Fehr" title="Ernst Fehr">Ernst Fehr</a></li> <li><a href="/wiki/Simon_G%C3%A4chter" title="Simon Gächter">Simon Gächter</a></li> <li><a href="/wiki/Uri_Gneezy" title="Uri Gneezy">Uri Gneezy</a><sup id="cite_ref-149" class="reference"><a href="#cite_note-149"><span class="cite-bracket">&#91;</span>149<span class="cite-bracket">&#93;</span></a></sup></li> <li><a href="/wiki/David_Laibson" title="David Laibson">David Laibson</a></li> <li><a href="/wiki/Louis_L%C3%A9vy-Garboua" title="Louis Lévy-Garboua">Louis Lévy-Garboua</a></li> <li><a href="/wiki/John_A._List" title="John A. List">John A. List</a></li> <li><a href="/wiki/George_Loewenstein" title="George Loewenstein">George Loewenstein</a></li> <li><a href="/wiki/Sendhil_Mullainathan" title="Sendhil Mullainathan">Sendhil Mullainathan</a></li> <li><a href="/wiki/John_Quiggin" title="John Quiggin">John Quiggin</a></li> <li><a href="/wiki/Matthew_Rabin" title="Matthew Rabin">Matthew Rabin</a></li> <li><a href="/wiki/Reinhard_Selten" title="Reinhard Selten">Reinhard Selten</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a></li> <li><a href="/wiki/Vernon_L._Smith" title="Vernon L. Smith">Vernon L. Smith</a></li> <li><a href="/wiki/Robert_Sugden_(economist)" title="Robert Sugden (economist)">Robert Sugden</a><sup id="cite_ref-150" class="reference"><a href="#cite_note-150"><span class="cite-bracket">&#91;</span>150<span class="cite-bracket">&#93;</span></a></sup></li> <li><a href="/wiki/Larry_Summers" class="mw-redirect" title="Larry Summers">Larry Summers</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a></li> <li><a href="/wiki/Abhijit_Banerjee" title="Abhijit Banerjee">Abhijit Banerjee</a></li> <li><a href="/wiki/Esther_Duflo" title="Esther Duflo">Esther Duflo</a></li> <li><a href="/wiki/Kevin_Volpp" title="Kevin Volpp">Kevin Volpp</a></li> <li><a href="/wiki/Katy_Milkman" title="Katy Milkman">Katy Milkman</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Finance">Finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=36" title="Edit section: Finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/Malcolm_Baker" title="Malcolm Baker">Malcolm Baker</a></li> <li><a href="/wiki/Nicholas_Barberis" title="Nicholas Barberis">Nicholas Barberis</a></li> <li><a href="/wiki/Gunduz_Caginalp" title="Gunduz Caginalp">Gunduz Caginalp</a></li> <li><a href="/wiki/David_Hirshleifer" title="David Hirshleifer">David Hirshleifer</a></li> <li><a href="/wiki/Andrew_Lo" title="Andrew Lo">Andrew Lo</a></li> <li><a href="/wiki/Michael_Mauboussin" class="mw-redirect" title="Michael Mauboussin">Michael Mauboussin</a></li> <li><a href="/wiki/Terrance_Odean" title="Terrance Odean">Terrance Odean</a></li> <li><a href="/wiki/Richard_L._Peterson" title="Richard L. Peterson">Richard L. Peterson</a></li> <li><a href="/wiki/Charles_Plott" title="Charles Plott">Charles Plott</a></li> <li><a href="/wiki/Robert_Prechter" title="Robert Prechter">Robert Prechter</a></li> <li><a href="/wiki/Hersh_Shefrin" title="Hersh Shefrin">Hersh Shefrin</a></li> <li><a href="/wiki/Robert_Shiller" class="mw-redirect" title="Robert Shiller">Robert Shiller</a></li> <li><a href="/wiki/Andrei_Shleifer" title="Andrei Shleifer">Andrei Shleifer</a></li> <li><a href="/wiki/Robert_Vishny" class="mw-redirect" title="Robert Vishny">Robert Vishny</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="Psychology">Psychology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=37" title="Edit section: Psychology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/George_Ainslie_(psychologist)" title="George Ainslie (psychologist)">George Ainslie</a></li> <li><a href="/wiki/Dan_Ariely" title="Dan Ariely">Dan Ariely</a><sup id="cite_ref-151" class="reference"><a href="#cite_note-151"><span class="cite-bracket">&#91;</span>151<span class="cite-bracket">&#93;</span></a></sup></li> <li><a href="/wiki/Ed_Diener" title="Ed Diener">Ed Diener</a></li> <li><a href="/wiki/Ward_Edwards" title="Ward Edwards">Ward Edwards</a></li> <li><a href="/wiki/Laszlo_Garai" class="mw-redirect" title="Laszlo Garai">Laszlo Garai</a></li> <li><a href="/w/index.php?title=Djuradj_Caranovic&amp;action=edit&amp;redlink=1" class="new" title="Djuradj Caranovic (page does not exist)">Djuradj Caranovic</a></li> <li><a href="/wiki/Gerd_Gigerenzer" title="Gerd Gigerenzer">Gerd Gigerenzer</a></li> <li><a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a></li> <li><a href="/wiki/Ariel_Kalil" title="Ariel Kalil">Ariel Kalil</a></li> <li><a href="/wiki/George_Katona" title="George Katona">George Katona</a></li> <li><a href="/wiki/Walter_Mischel" title="Walter Mischel">Walter Mischel</a></li> <li><a href="/wiki/Drazen_Prelec" title="Drazen Prelec">Drazen Prelec</a></li> <li><a href="/wiki/Eldar_Shafir" title="Eldar Shafir">Eldar Shafir</a></li> <li><a href="/wiki/Paul_Slovic" title="Paul Slovic">Paul Slovic</a></li> <li><a href="/wiki/John_Staddon" class="mw-redirect" title="John Staddon">John Staddon</a><sup id="cite_ref-152" class="reference"><a href="#cite_note-152"><span class="cite-bracket">&#91;</span>152<span class="cite-bracket">&#93;</span></a></sup></li> <li><a href="/wiki/Amos_Tversky" title="Amos Tversky">Amos Tversky</a></li> <li><a href="/wiki/Moran_Cerf" title="Moran Cerf">Moran Cerf</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=38" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/Adaptive_market_hypothesis" title="Adaptive market hypothesis">Adaptive market hypothesis</a></li> <li><a href="/wiki/Animal_Spirits_(Keynes)" class="mw-redirect" title="Animal Spirits (Keynes)">Animal Spirits (Keynes)</a></li> <li><a href="/wiki/Behavioralism" title="Behavioralism">Behavioralism</a></li> <li><a href="/wiki/Behavioral_operations_research" class="mw-redirect" title="Behavioral operations research">Behavioral operations research</a></li> <li><a href="/wiki/Behavioral_Strategy" class="mw-redirect" title="Behavioral Strategy">Behavioral Strategy</a></li> <li><a href="/wiki/Big_Five_personality_traits" title="Big Five personality traits">Big Five personality traits</a></li> <li><a href="/wiki/Confirmation_bias" title="Confirmation bias">Confirmation bias</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural economics</a></li> <li><a href="/wiki/Culture_change" title="Culture change">Culture change</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Economic sociology</a></li> <li><a href="/wiki/Emotional_bias" title="Emotional bias">Emotional bias</a></li> <li><a href="/wiki/Fuzzy-trace_theory" title="Fuzzy-trace theory">Fuzzy-trace theory</a></li> <li><a href="/wiki/Hindsight_bias" title="Hindsight bias">Hindsight bias</a></li> <li><i><a href="/wiki/Homo_reciprocans" title="Homo reciprocans">Homo reciprocans</a></i></li> <li><a href="/wiki/List_of_important_publications_in_economics#Behavioral_economics" title="List of important publications in economics">Important publications in behavioral economics</a></li> <li><a href="/wiki/List_of_cognitive_biases" title="List of cognitive biases">List of cognitive biases</a></li> <li><a href="/wiki/Methodological_individualism" title="Methodological individualism">Methodological individualism</a></li> <li><a href="/wiki/Nudge_theory" title="Nudge theory">Nudge theory</a></li> <li><a href="/wiki/Observational_techniques" title="Observational techniques">Observational techniques</a></li> <li><a href="/wiki/Praxeology" title="Praxeology">Praxeology</a></li> <li><a href="/wiki/Priority_heuristic" title="Priority heuristic">Priority heuristic</a></li> <li><a href="/wiki/Regret_(decision_theory)" title="Regret (decision theory)">Regret theory</a></li> <li><a href="/wiki/Repugnancy_costs" title="Repugnancy costs">Repugnancy costs</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socioeconomics</a></li> <li><a href="/wiki/Socionomics" class="mw-redirect" title="Socionomics">Socionomics</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=39" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Citations">Citations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=40" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-ssrn.com-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-ssrn.com_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ssrn.com_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFLin2012" class="citation journal cs1">Lin, Tom C. W. (April 16, 2012). "A Behavioral Framework for Securities Risk". <i>Seattle University Law Review</i>. SSRN. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a>&#160;<a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2040946">2040946</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Seattle+University+Law+Review&amp;rft.atitle=A+Behavioral+Framework+for+Securities+Risk&amp;rft.date=2012-04-16&amp;rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2040946%23id-name%3DSSRN&amp;rft.aulast=Lin&amp;rft.aufirst=Tom+C.+W.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-:0-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZeilerTeitelbaum2018" class="citation journal cs1"><a href="/wiki/Kathryn_Zeiler" title="Kathryn Zeiler">Zeiler, Kathryn</a>; Teitelbaum, Joshua (March 30, 2018). <a rel="nofollow" class="external text" href="https://scholarship.law.bu.edu/books/35">"Research Handbook on Behavioral Law and Economics"</a>. <i>Books</i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Books&amp;rft.atitle=Research+Handbook+on+Behavioral+Law+and+Economics&amp;rft.date=2018-03-30&amp;rft.aulast=Zeiler&amp;rft.aufirst=Kathryn&amp;rft.au=Teitelbaum%2C+Joshua&amp;rft_id=https%3A%2F%2Fscholarship.law.bu.edu%2Fbooks%2F35&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/search_results?q=behavioural+economics+&amp;edition=current&amp;button_search=GO">"Search of <i>behavioural economics</i>"</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Search+of+behavioural+economics&amp;rft_id=http%3A%2F%2Fwww.dictionaryofeconomics.com%2Fsearch_results%3Fq%3Dbehavioural%2Beconomics%2B%26edition%3Dcurrent%26button_search%3DGO&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span> in <a href="#Palgrave">Palgrave</a></span> </li> <li id="cite_note-MintonKahle2013-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-MintonKahle2013_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMintonKahle2013" class="citation book cs1">Minton, Elizabeth A.; Kahle, Lynn R. (2013). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=hk5pngEACAAJ"><i>Belief Systems, Religion, and Behavioral Economics: Marketing in Multicultural Environments</i></a>. Business Expert Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-1-60649-704-3" title="Special:BookSources/978-1-60649-704-3"><bdi>978-1-60649-704-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Belief+Systems%2C+Religion%2C+and+Behavioral+Economics%3A+Marketing+in+Multicultural+Environments&amp;rft.pub=Business+Expert+Press&amp;rft.date=2013&amp;rft.isbn=978-1-60649-704-3&amp;rft.aulast=Minton&amp;rft.aufirst=Elizabeth+A.&amp;rft.au=Kahle%2C+Lynn+R.&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dhk5pngEACAAJ&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-:5-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-:5_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAshrafCamererLoewenstein2005" class="citation journal cs1">Ashraf, Nava; Camerer, Colin F.; Loewenstein, George (2005). <a rel="nofollow" class="external text" href="https://resolver.caltech.edu/CaltechAUTHORS:20110204-074751695">"Adam Smith, Behavioral Economist"</a>. <i>Journal of Economic Perspectives</i>. <b>19</b> (3): 131–45. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2F089533005774357897">10.1257/089533005774357897</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Journal+of+Economic+Perspectives&amp;rft.atitle=Adam+Smith%2C+Behavioral+Economist&amp;rft.volume=19&amp;rft.issue=3&amp;rft.pages=131-45&amp;rft.date=2005&amp;rft_id=info%3Adoi%2F10.1257%2F089533005774357897&amp;rft.aulast=Ashraf&amp;rft.aufirst=Nava&amp;rft.au=Camerer%2C+Colin+F.&amp;rft.au=Loewenstein%2C+George&amp;rft_id=https%3A%2F%2Fresolver.caltech.edu%2FCaltechAUTHORS%3A20110204-074751695&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-:13-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-:13_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:13_6-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:13_6-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:13_6-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-:13_6-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAgner2021" class="citation book cs1">Agner, Erik (2021). <i>A course in Behavioral Economics</i> (3rd&#160;ed.). 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Yale University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0-14-311526-7" title="Special:BookSources/978-0-14-311526-7"><bdi>978-0-14-311526-7</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/791403664">791403664</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Nudge%3A+Improving+Decisions+about+Health%2C+Wealth%2C+and+Happiness&amp;rft.pub=Yale+University+Press&amp;rft.date=2008-04-08&amp;rft_id=info%3Aoclcnum%2F791403664&amp;rft.isbn=978-0-14-311526-7&amp;rft.aulast=Thaler&amp;rft.aufirst=Richard+H.&amp;rft.au=Sunstein%2C+Cass+R.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThalerSunsteinBalz2010" class="citation book cs1">Thaler, Richard H.; Sunstein, Cass R.; Balz, John P. 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"Advances in Prospect Theory: Cumulative Representation of Uncertaintly". <i>Journal of Risk and Uncertainty</i>. <b>5</b> (4): 297–323. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2FBF00122574">10.1007/BF00122574</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0895-5646">0895-5646</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a>&#160;<a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:8456150">8456150</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Journal+of+Risk+and+Uncertainty&amp;rft.atitle=Advances+in+Prospect+Theory%3A+Cumulative+Representation+of+Uncertaintly&amp;rft.volume=5&amp;rft.issue=4&amp;rft.pages=297-323&amp;rft.date=1992&amp;rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A8456150%23id-name%3DS2CID&amp;rft.issn=0895-5646&amp;rft_id=info%3Adoi%2F10.1007%2FBF00122574&amp;rft.aulast=Tversky&amp;rft.aufirst=Amos&amp;rft.au=Kahneman%2C+Daniel&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span><a rel="nofollow" class="external text" href="https://link.springer.com/article/10.1007/BF00122574">Abstract.</a></span> </li> <li id="cite_note-FOOTNOTEHogarthReder1987-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEHogarthReder1987_26-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFHogarthReder1987">Hogarth &amp; Reder 1987</a>.</span> </li> <li id="cite_note-kahneman-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-kahneman_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://nobelprize.org/nobel_prizes/lists/2002.html">"Nobel Laureates 2002"</a>. 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Palgrave Macmillan. p.&#160;2. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-1-349-20568-4" title="Special:BookSources/978-1-349-20568-4"><bdi>978-1-349-20568-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Utility+and+Probability&amp;rft.pages=2&amp;rft.pub=Palgrave+Macmillan&amp;rft.date=1990&amp;rft.isbn=978-1-349-20568-4&amp;rft.aulast=Simon&amp;rft.aufirst=Herbert&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKahneman2011" class="citation book cs1">Kahneman, Daniel (2011). <i>Thinking, Fast and Slow</i>. Farrar, Straus and Giroux. p.&#160;22. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0374275631" title="Special:BookSources/978-0374275631"><bdi>978-0374275631</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Thinking%2C+Fast+and+Slow&amp;rft.pages=22&amp;rft.pub=Farrar%2C+Straus+and+Giroux&amp;rft.date=2011&amp;rft.isbn=978-0374275631&amp;rft.aulast=Kahneman&amp;rft.aufirst=Daniel&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-:1-30"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_30-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_30-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://news.uchicago.edu/explainer/what-is-behavioral-economics">"What is behavioral economics? | University of Chicago News"</a>. <i>news.uchicago.edu</i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 1,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=news.uchicago.edu&amp;rft.atitle=What+is+behavioral+economics%3F+%7C+University+of+Chicago+News&amp;rft_id=https%3A%2F%2Fnews.uchicago.edu%2Fexplainer%2Fwhat-is-behavioral-economics&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilk,_J.1999" class="citation cs2">Wilk, J. (1999), "Mind, Nature and the Emerging Science of Change: An Introduction to Metamorphology", in G. Cornelis; <a href="/wiki/Sonja_Smets" title="Sonja Smets">S. Smets</a>; J. Van Bendegem (eds.), <i>Metadebates on Science</i>, vol.&#160;6, Springer Netherlands, pp.&#160;71–87, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-94-017-2245-2_6">10.1007/978-94-017-2245-2_6</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-90-481-5242-1" title="Special:BookSources/978-90-481-5242-1"><bdi>978-90-481-5242-1</bdi></a></cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=bookitem&amp;rft.atitle=Mind%2C+Nature+and+the+Emerging+Science+of+Change%3A+An+Introduction+to+Metamorphology&amp;rft.btitle=Metadebates+on+Science&amp;rft.pages=71-87&amp;rft.pub=Springer+Netherlands&amp;rft.date=1999&amp;rft_id=info%3Adoi%2F10.1007%2F978-94-017-2245-2_6&amp;rft.isbn=978-90-481-5242-1&amp;rft.au=Wilk%2C+J.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO&#39;Hanlon,_B.Wilk,_J.1987" class="citation cs2">O'Hanlon, B.; Wilk, J. (1987), <i>Shifting contexts&#160;: The generation of effective psychotherapy.</i>, New York, N.Y.: Guilford Press.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Shifting+contexts+%3A+The+generation+of+effective+psychotherapy.&amp;rft.pub=New+York%2C+N.Y.%3A+Guilford+Press.&amp;rft.date=1987&amp;rft.au=O%27Hanlon%2C+B.&amp;rft.au=Wilk%2C+J.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">See: <a rel="nofollow" class="external text" href="http://www.shponline.co.uk/features-content/full/cpd-article-nudge-nudge-think-think">Dr. Jennifer Lunt and Malcolm Staves</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120430212840/http://www.shponline.co.uk/features-content/full/cpd-article-nudge-nudge-think-think">Archived</a> 2012-04-30 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-speak-34"><span class="mw-cite-backlink">^ <a href="#cite_ref-speak_34-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-speak_34-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndrew_Sparrow2008" class="citation news cs1">Andrew Sparrow (August 22, 2008). <a rel="nofollow" class="external text" href="https://www.theguardian.com/politics/blog/2008/aug/22/davidcameron.conservatives">"Speak 'Nudge': The 10 key phrases from David Cameron's favorite book"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>. London<span class="reference-accessdate">. Retrieved <span class="nowrap">September 9,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Guardian&amp;rft.atitle=Speak+%27Nudge%27%3A+The+10+key+phrases+from+David+Cameron%27s+favorite+book&amp;rft.date=2008-08-22&amp;rft.au=Andrew+Sparrow&amp;rft_id=https%3A%2F%2Fwww.theguardian.com%2Fpolitics%2Fblog%2F2008%2Faug%2F22%2Fdavidcameron.conservatives&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThalerSunstein2008" class="citation book cs1">Thaler, Richard; Sunstein, Cass (2008). <i>Nudge: Improving Decisions about Health, Wealth, and Happiness</i>. Yale University Press. p.&#160;6. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0-14-311526-7" title="Special:BookSources/978-0-14-311526-7"><bdi>978-0-14-311526-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Nudge%3A+Improving+Decisions+about+Health%2C+Wealth%2C+and+Happiness&amp;rft.pages=6&amp;rft.pub=Yale+University+Press.&amp;rft.date=2008&amp;rft.isbn=978-0-14-311526-7&amp;rft.aulast=Thaler&amp;rft.aufirst=Richard&amp;rft.au=Sunstein%2C+Cass&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCampbell-ArvaiArvaiKalof2014" class="citation journal cs1">Campbell-Arvai, V; Arvai, J.; Kalof, L. (2014). <a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/272996812">"Motivating sustainable food choices: the role of nudges, value orientation, and information provision"</a>. <i>Environment and Behavior</i>. <b>46</b> (4): 453–475. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F0013916512469099">10.1177/0013916512469099</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a>&#160;<a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:143673378">143673378</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Environment+and+Behavior&amp;rft.atitle=Motivating+sustainable+food+choices%3A+the+role+of+nudges%2C+value+orientation%2C+and+information+provision&amp;rft.volume=46&amp;rft.issue=4&amp;rft.pages=453-475&amp;rft.date=2014&amp;rft_id=info%3Adoi%2F10.1177%2F0013916512469099&amp;rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A143673378%23id-name%3DS2CID&amp;rft.aulast=Campbell-Arvai&amp;rft.aufirst=V&amp;rft.au=Arvai%2C+J.&amp;rft.au=Kalof%2C+L.&amp;rft_id=https%3A%2F%2Fwww.researchgate.net%2Fpublication%2F272996812&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKroeseMarchioride_Ridder2016" class="citation journal cs1">Kroese, F.; Marchiori, D.; de Ridder, D. (2016). <a rel="nofollow" class="external text" href="https://academic.oup.com/jpubhealth/article-pdf/38/2/e133/6869936/fdv096.pdf">"Nudging healthy food choices: a field experiment at the train station"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Public Health</i>. <b>38</b> (2): e133–7. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Fpubmed%2Ffdv096">10.1093/pubmed/fdv096</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a>&#160;<a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/26186924">26186924</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Journal+of+Public+Health&amp;rft.atitle=Nudging+healthy+food+choices%3A+a+field+experiment+at+the+train+station&amp;rft.volume=38&amp;rft.issue=2&amp;rft.pages=e133-7&amp;rft.date=2016&amp;rft_id=info%3Adoi%2F10.1093%2Fpubmed%2Ffdv096&amp;rft_id=info%3Apmid%2F26186924&amp;rft.aulast=Kroese&amp;rft.aufirst=F.&amp;rft.au=Marchiori%2C+D.&amp;rft.au=de+Ridder%2C+D.&amp;rft_id=https%3A%2F%2Facademic.oup.com%2Fjpubhealth%2Farticle-pdf%2F38%2F2%2Fe133%2F6869936%2Ffdv096.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarol_Lewis2009" class="citation news cs1">Carol Lewis (July 22, 2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081120093555/http://business.timesonline.co.uk/tol/business/career_and_jobs/article4330267.ece">"Why Barack Obama and David Cameron are keen to 'nudge' you"</a>. <i><a href="/wiki/The_Times" title="The Times">The Times</a></i>. London. Archived from <a rel="nofollow" class="external text" href="http://business.timesonline.co.uk/tol/business/career_and_jobs/article4330267.ece">the original</a> on November 20, 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">September 9,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Times&amp;rft.atitle=Why+Barack+Obama+and+David+Cameron+are+keen+to+%27nudge%27+you&amp;rft.date=2009-07-22&amp;rft.au=Carol+Lewis&amp;rft_id=http%3A%2F%2Fbusiness.timesonline.co.uk%2Ftol%2Fbusiness%2Fcareer_and_jobs%2Farticle4330267.ece&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJames_Forsyth2009" class="citation magazine cs1">James Forsyth (July 16, 2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090124222449/http://www.spectator.co.uk/the-magazine/features/839676/nudge-nudge-meet-the-cameroons-new-guru.thtml">"Nudge, nudge: meet the Cameroons' new guru"</a>. <i><a href="/wiki/The_Spectator" title="The Spectator">The Spectator</a></i>. Archived from <a rel="nofollow" class="external text" href="http://www.spectator.co.uk/the-magazine/features/839676/nudge-nudge-meet-the-cameroons-new-guru.thtml">the original</a> on January 24, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">September 9,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=The+Spectator&amp;rft.atitle=Nudge%2C+nudge%3A+meet+the+Cameroons%27+new+guru&amp;rft.date=2009-07-16&amp;rft.au=James+Forsyth&amp;rft_id=http%3A%2F%2Fwww.spectator.co.uk%2Fthe-magazine%2Ffeatures%2F839676%2Fnudge-nudge-meet-the-cameroons-new-guru.thtml&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.behaviouralinsights.co.uk/about-us/">"Who we are"</a>. <i>The Behavioural Insights Team</i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=The+Behavioural+Insights+Team&amp;rft.atitle=Who+we+are&amp;rft_id=https%3A%2F%2Fwww.behaviouralinsights.co.uk%2Fabout-us%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarsh2012" class="citation web cs1">Marsh, Tim (January 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171010050856/http://www.rydermarsh.co.uk/pdfs/SHP.0112.pdf">"Cast No Shadow"</a> <span class="cs1-format">(PDF)</span>. <i>Rydermarsh.co.uk</i>. 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Retrieved <span class="nowrap">November 1,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Use+Cognitive+Biases+to+Your+Advantage%2C+Institute+for+Management+Consultants%2C+%23721%2C+December+19%2C+2011&amp;rft_id=https%3A%2F%2Fwww.imcusa.org%2Fblogpost%2F334056%2F136102%2F721-Use-Cognitive-Biases-to-Your-Advantage%23%3A~%3Atext%3DRecency%2520Bias%2520%252D%2520giving%2520greater%2520importance%2Cmade%2520has%2520a%2520slight%2520advantage%29&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-70"><span class="mw-cite-backlink"><b><a href="#cite_ref-70">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCartwright2018" class="citation book cs1">Cartwright, Edward (2018). <i>Behavioral economics</i> (Third&#160;ed.). Abingdon, Oxon: Routledge. p.&#160;213. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9781138097117" title="Special:BookSources/9781138097117"><bdi>9781138097117</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Behavioral+economics&amp;rft.place=Abingdon%2C+Oxon&amp;rft.pages=213&amp;rft.edition=Third&amp;rft.pub=Routledge&amp;rft.date=2018&amp;rft.isbn=9781138097117&amp;rft.aulast=Cartwright&amp;rft.aufirst=Edward&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-71"><span class="mw-cite-backlink"><b><a href="#cite_ref-71">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.magellangroup.com.au/insights/10-cognitive-biases-that-can-lead-to-investment-mistakes/">"10 cognitive biases that can lead to investment mistakes"</a>. <i>Magellan Financial Group</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 21,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Magellan+Financial+Group&amp;rft.atitle=10+cognitive+biases+that+can+lead+to+investment+mistakes&amp;rft_id=http%3A%2F%2Fwww.magellangroup.com.au%2Finsights%2F10-cognitive-biases-that-can-lead-to-investment-mistakes%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-72"><span class="mw-cite-backlink"><b><a href="#cite_ref-72">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDean2017" class="citation journal cs1">Dean, M. (2017). <a rel="nofollow" class="external text" href="https://econpapers.repec.org/article/eeejetheo/v_3a169_3ay_3a2017_3ai_3ac_3ap_3a93-127.htm">"Limited attention and status quo bias. Journal of Economic Theory pp93-127"</a>. <i>Journal of Economic Theory</i>. <b>169</b> (C): 93–127. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jet.2017.01.009">10.1016/j.jet.2017.01.009</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F145423">10419/145423</a></span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Journal+of+Economic+Theory&amp;rft.atitle=Limited+attention+and+status+quo+bias.+Journal+of+Economic+Theory+pp93-127&amp;rft.volume=169&amp;rft.issue=C&amp;rft.pages=93-127&amp;rft.date=2017&amp;rft_id=info%3Ahdl%2F10419%2F145423&amp;rft_id=info%3Adoi%2F10.1016%2Fj.jet.2017.01.009&amp;rft.aulast=Dean&amp;rft.aufirst=M.&amp;rft_id=https%3A%2F%2Feconpapers.repec.org%2Farticle%2Feeejetheo%2Fv_3a169_3ay_3a2017_3ai_3ac_3ap_3a93-127.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-73"><span class="mw-cite-backlink"><b><a href="#cite_ref-73">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://thedecisionlab.com/reference-guide/economics/the-endowment-effect">"The Endowment Effect"</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=The+Endowment+Effect&amp;rft_id=https%3A%2F%2Fthedecisionlab.com%2Freference-guide%2Feconomics%2Fthe-endowment-effect&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-74"><span class="mw-cite-backlink"><b><a href="#cite_ref-74">^</a></b></span> <span class="reference-text">Glaser, Markus and Weber, Martin and Noeth, Markus. (2004). <a rel="nofollow" class="external text" href="https://madoc.bib.uni-mannheim.de/2770/1/dp03_14.pdf">"Behavioral Finance"</a>, pp. 527-546 in <i>Handbook of Judgment and Decision Making</i>, Blackwell Publishers <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-1-405-10746-4" title="Special:BookSources/978-1-405-10746-4">978-1-405-10746-4</a></span> </li> <li id="cite_note-corporatefinanceinstitute.com-75"><span class="mw-cite-backlink"><b><a href="#cite_ref-corporatefinanceinstitute.com_75-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/behavioral-finance/">"Behavioral Finance - Overview, Examples and Guide"</a>. <i>Corporate Finance Institute</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 21,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Corporate+Finance+Institute&amp;rft.atitle=Behavioral+Finance+-+Overview%2C+Examples+and+Guide&amp;rft_id=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Fknowledge%2Ftrading-investing%2Fbehavioral-finance%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-76"><span class="mw-cite-backlink"><b><a href="#cite_ref-76">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVan_Loo2015" class="citation journal cs1">Van Loo, Rory (April 1, 2015). <a rel="nofollow" class="external text" href="https://scholarship.law.bu.edu/faculty_scholarship/29">"Helping Buyers Beware: The Need for Supervision of Big Retail"</a>. <i>University of Pennsylvania Law Review</i>. <b>163</b> (5): 1311.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=University+of+Pennsylvania+Law+Review&amp;rft.atitle=Helping+Buyers+Beware%3A+The+Need+for+Supervision+of+Big+Retail&amp;rft.volume=163&amp;rft.issue=5&amp;rft.pages=1311&amp;rft.date=2015-04-01&amp;rft.aulast=Van+Loo&amp;rft.aufirst=Rory&amp;rft_id=https%3A%2F%2Fscholarship.law.bu.edu%2Ffaculty_scholarship%2F29&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.guidedchoice.com/video/dr-harry-markowitz-father-of-modern-portfolio-theory/">"Harry Markowitz's Modern Portfolio Theory &#91;The Efficient Frontier&#93;"</a>. <i>Guided Choice</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 21,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Guided+Choice&amp;rft.atitle=Harry+Markowitz%27s+Modern+Portfolio+Theory+%5BThe+Efficient+Frontier%5D&amp;rft_id=https%3A%2F%2Fwww.guidedchoice.com%2Fvideo%2Fdr-harry-markowitz-father-of-modern-portfolio-theory%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRicciardi2000" class="citation journal cs1">Ricciardi, Victor (January 2000). <a rel="nofollow" class="external text" href="https://www.academia.edu/413591">"What is Behavioral Finance?"</a>. <i>Business, Education &amp; Technology Journal</i>: 181.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Business%2C+Education+%26+Technology+Journal&amp;rft.atitle=What+is+Behavioral+Finance%3F&amp;rft.pages=181&amp;rft.date=2000-01&amp;rft.aulast=Ricciardi&amp;rft.aufirst=Victor&amp;rft_id=https%3A%2F%2Fwww.academia.edu%2F413591&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-79">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100324015212/http://www.dimensional.com/famafrench/2009/08/fama-on-market-efficiency-in-a-volatile-market.html">"Fama on Market Efficiency in a Volatile Market"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.dimensional.com/famafrench/2009/08/fama-on-market-efficiency-in-a-volatile-market.html">the original</a> on March 24, 2010.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Fama+on+Market+Efficiency+in+a+Volatile+Market&amp;rft_id=http%3A%2F%2Fwww.dimensional.com%2Ffamafrench%2F2009%2F08%2Ffama-on-market-efficiency-in-a-volatile-market.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKenton" class="citation web cs1">Kenton, Will. <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/e/epp.asp">"Equity Premium Puzzle (EPP)"</a>. <i>Investopedia</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 21,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Investopedia&amp;rft.atitle=Equity+Premium+Puzzle+%28EPP%29&amp;rft.aulast=Kenton&amp;rft.aufirst=Will&amp;rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fe%2Fepp.asp&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-81"><span class="mw-cite-backlink"><b><a href="#cite_ref-81">^</a></b></span> <span class="reference-text">See Freeman, 2004 for a review</span> </li> <li id="cite_note-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-82">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWooMaiMcAleerWong2020" class="citation journal cs1">Woo, Kai-Yin; Mai, Chulin; McAleer, Michael; Wong, Wing-Keung (March 2020). <a rel="nofollow" class="external text" href="https://doi.org/10.3390%2Feconomies8010020">"Review on Efficiency and Anomalies in Stock Markets"</a>. <i>Economies</i>. <b>8</b> (1): 20. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3390%2Feconomies8010020">10.3390/economies8010020</a></span>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F257069">10419/257069</a></span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Economies&amp;rft.atitle=Review+on+Efficiency+and+Anomalies+in+Stock+Markets&amp;rft.volume=8&amp;rft.issue=1&amp;rft.pages=20&amp;rft.date=2020-03&amp;rft_id=info%3Ahdl%2F10419%2F257069&amp;rft_id=info%3Adoi%2F10.3390%2Feconomies8010020&amp;rft.aulast=Woo&amp;rft.aufirst=Kai-Yin&amp;rft.au=Mai%2C+Chulin&amp;rft.au=McAleer%2C+Michael&amp;rft.au=Wong%2C+Wing-Keung&amp;rft_id=https%3A%2F%2Fdoi.org%2F10.3390%252Feconomies8010020&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-83"><span class="mw-cite-backlink"><b><a href="#cite_ref-83">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/news/statement/us-equity-market-structure.html">"U.S. Equity Market Structure: Making Our Markets Work Better for Investors"</a>. <i>www.sec.gov</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 21,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=www.sec.gov&amp;rft.atitle=U.S.+Equity+Market+Structure%3A+Making+Our+Markets+Work+Better+for+Investors&amp;rft_id=https%3A%2F%2Fwww.sec.gov%2Fnews%2Fstatement%2Fus-equity-market-structure.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-84"><span class="mw-cite-backlink"><b><a href="#cite_ref-84">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTang2013" class="citation web cs1">Tang, David (May 6, 2013). <a rel="nofollow" class="external text" href="http://flevy.com/blog/why-people-wont-buy-your-product-even-though-its-awesome/">"Why People Won't Buy Your Product Even Though It's Awesome"</a>. Flevy<span class="reference-accessdate">. Retrieved <span class="nowrap">May 31,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Why+People+Won%27t+Buy+Your+Product+Even+Though+It%27s+Awesome&amp;rft.pub=Flevy&amp;rft.date=2013-05-06&amp;rft.aulast=Tang&amp;rft.aufirst=David&amp;rft_id=http%3A%2F%2Fflevy.com%2Fblog%2Fwhy-people-wont-buy-your-product-even-though-its-awesome%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-85"><span class="mw-cite-backlink"><b><a href="#cite_ref-85">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAuman" class="citation web cs1"><a href="/wiki/Robert_Aumann" title="Robert Aumann">Auman, Robert</a>. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/articleid=pde2008_G000007&amp;q=game%20theory&amp;topicid=&amp;result_number=3">"Game Theory"</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Game+Theory&amp;rft.aulast=Auman&amp;rft.aufirst=Robert&amp;rft_id=http%3A%2F%2Fwww.dictionaryofeconomics.com%2Farticleid%3Dpde2008_G000007%26q%3Dgame%2520theory%26topicid%3D%26result_number%3D3&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span> in <a href="#Palgrave">Palgrave</a></span> </li> <li id="cite_note-86"><span class="mw-cite-backlink"><b><a href="#cite_ref-86">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCamererHo1994" class="citation journal cs1"><a href="/wiki/Colin_Camerer" title="Colin Camerer">Camerer, Colin</a>; Ho, Teck-Hua (March 1994). 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Peyton Young">Young, H. 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New York, New York Princeton, New Jersey: Russell Sage Foundation Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0-691-09039-9" title="Special:BookSources/978-0-691-09039-9"><bdi>978-0-691-09039-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Behavioral+game+theory%3A+experiments+in+strategic+interaction&amp;rft.place=New+York%2C+New+York+Princeton%2C+New+Jersey&amp;rft.pub=Russell+Sage+Foundation+Princeton+University+Press&amp;rft.date=2003&amp;rft.isbn=978-0-691-09039-9&amp;rft.aulast=Camerer&amp;rft.aufirst=Colin&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dcr_Xg7cRvdcC&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-95"><span class="mw-cite-backlink"><b><a href="#cite_ref-95">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLoewensteinRabin2003" class="citation book cs1"><a href="/wiki/George_Loewenstein" title="George Loewenstein">Loewenstein, George</a>; <a href="/wiki/Matthew_Rabin" title="Matthew Rabin">Rabin, Matthew</a> (2003). <a rel="nofollow" class="external text" href="http://press.princeton.edu/titles/8437.html"><i>Advances in Behavioral Economics 1986–2003 papers</i></a>. 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(1997). <a rel="nofollow" class="external text" href="http://weber.ucsd.edu/~vcrawfor/CrawfordThExp97.pdf">"Theory and Experiment in the Analysis of Strategic Interaction"</a> <span class="cs1-format">(PDF)</span>. In Kreps, David M.; Wallis, Kenneth F (eds.). <i>Advances in Economics and Econometrics: Theory and Applications</i>. 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Retrieved <span class="nowrap">May 11,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Econometrica&amp;rft.atitle=The+Economist+as+Engineer%3A+Game+Theory%2C+Experimentation%2C+and+Computation+as+Tools+for+Design+Economics&amp;rft.volume=70&amp;rft.issue=4&amp;rft.pages=1341-1378&amp;rft.date=2002&amp;rft_id=info%3Adoi%2F10.1111%2F1468-0262.00335&amp;rft.aulast=Roth&amp;rft.aufirst=Alvin+E.&amp;rft_id=http%3A%2F%2Fkuznets.fas.harvard.edu%2F~aroth%2Fpapers%2Fengineer.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> <li id="cite_note-140"><span class="mw-cite-backlink"><b><a href="#cite_ref-140">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSeeGrechenigNicklischThöni2010" class="citation journal cs1">See; <a href="/w/index.php?title=Kristoffel_Grechenig&amp;action=edit&amp;redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Grechenig, K.</a>; Nicklisch, A.; Thöni, C. 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"experimental economics," <i>The New Palgrave Dictionary of Economics</i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_E000277&amp;q=experimental%20&amp;topicid=&amp;result_number=2">Abstract.</a></li><li style="margin-bottom:.5em; display:block;">Relevant subcategories are found at the <i>Journal of Economic Literature</i> classification codes at <a href="/wiki/JEL_classification_codes#Mathematical_and_quantitative_methods_JEL:_C_Subcategories" title="JEL classification codes">JEL: C9</a>.</li></ul></div></span> </li> <li id="cite_note-142"><span class="mw-cite-backlink"><b><a href="#cite_ref-142">^</a></b></span> <span class="reference-text">J. DiNardo, 2008. 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Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-1-351-58689-4" title="Special:BookSources/978-1-351-58689-4"><bdi>978-1-351-58689-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=bookitem&amp;rft.atitle=6%3A+Behavioral+Economics&amp;rft.btitle=Scientific+Method%3A+How+science+works%2C+fails+to+work+or+pretends+to+work&amp;rft.pub=Routledge&amp;rft.date=2017&amp;rft.isbn=978-1-351-58689-4&amp;rft.aulast=Staddon&amp;rft.aufirst=John&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DTCBBDwAAQBAJ%26pg%3DPT103&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading3"><h3 id="Sources">Sources</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=41" title="Edit section: Sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin" style=""> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1">Ainslie, G. 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"Specious Reward: A Behavioral /Theory of Impulsiveness and Impulse Control". <i>Psychological Bulletin</i>. <b>82</b> (4): 463–96. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1037%2Fh0076860">10.1037/h0076860</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a>&#160;<a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/1099599">1099599</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a>&#160;<a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:10279574">10279574</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Psychological+Bulletin&amp;rft.atitle=Specious+Reward%3A+A+Behavioral+%2FTheory+of+Impulsiveness+and+Impulse+Control&amp;rft.volume=82&amp;rft.issue=4&amp;rft.pages=463-96&amp;rft.date=1975&amp;rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A10279574%23id-name%3DS2CID&amp;rft_id=info%3Apmid%2F1099599&amp;rft_id=info%3Adoi%2F10.1037%2Fh0076860&amp;rft.aulast=Ainslie&amp;rft.aufirst=G.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaddeley2017" class="citation book cs1">Baddeley, M. 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"Behavioral Finance and Investor Governance". <i>Washington &amp; Lee Law Review</i>. <b>59</b>: 767. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.255778">10.2139/ssrn.255778</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1942-6658">1942-6658</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a>&#160;<a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:152538297">152538297</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Washington+%26+Lee+Law+Review&amp;rft.atitle=Behavioral+Finance+and+Investor+Governance&amp;rft.volume=59&amp;rft.pages=767&amp;rft.date=2002&amp;rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A152538297%23id-name%3DS2CID&amp;rft.issn=1942-6658&amp;rft_id=info%3Adoi%2F10.2139%2Fssrn.255778&amp;rft.aulast=Cunningham&amp;rft.aufirst=Lawrence+A.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1">Daniel, K.; <a href="/wiki/David_Hirshleifer" title="David Hirshleifer">Hirshleifer, D.</a>; <a href="/wiki/Avanidhar_Subrahmanyam" title="Avanidhar Subrahmanyam">Subrahmanyam, A.</a> (1998). <a rel="nofollow" class="external text" href="https://deepblue.lib.umich.edu/bitstream/2027.42/73431/1/0022-1082.00077.pdf">"Investor Psychology and Security Market Under- and Overreactions"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Finance</i>. <b>53</b> (6): 1839–85. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F0022-1082.00077">10.1111/0022-1082.00077</a></span>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/2027.42%2F73431">2027.42/73431</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a>&#160;<a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:32589687">32589687</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=Journal+of+Finance&amp;rft.atitle=Investor+Psychology+and+Security+Market+Under-+and+Overreactions&amp;rft.volume=53&amp;rft.issue=6&amp;rft.pages=1839-85&amp;rft.date=1998&amp;rft_id=info%3Ahdl%2F2027.42%2F73431&amp;rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A32589687%23id-name%3DS2CID&amp;rft_id=info%3Adoi%2F10.1111%2F0022-1082.00077&amp;rft.aulast=Daniel&amp;rft.aufirst=K.&amp;rft.au=Hirshleifer%2C+D.&amp;rft.au=Subrahmanyam%2C+A.&amp;rft_id=https%3A%2F%2Fdeepblue.lib.umich.edu%2Fbitstream%2F2027.42%2F73431%2F1%2F0022-1082.00077.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDiamondVartiainen2012" class="citation book cs1"><a href="/wiki/Peter_A._Diamond" class="mw-redirect" title="Peter A. Diamond">Diamond, Peter</a>; Vartiainen, Hannu (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=1-SVhlC9mVoC"><i>Behavioral Economics and Its Applications</i></a>. Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-1-4008-2914-9" title="Special:BookSources/978-1-4008-2914-9"><bdi>978-1-4008-2914-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Behavioral+Economics+and+Its+Applications&amp;rft.pub=Princeton+University+Press&amp;rft.date=2012&amp;rft.isbn=978-1-4008-2914-9&amp;rft.aulast=Diamond&amp;rft.aufirst=Peter&amp;rft.au=Vartiainen%2C+Hannu&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D1-SVhlC9mVoC&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="Palgrave" class="citation book cs1">Eatwell, John; Milgate, Murray; Newman, Peter, eds. 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"Behavioral economics: How psychology made its (limited) way back into economics". <i>History of Political Economy</i>. <b>36</b> (4): 735–760. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1215%2F00182702-36-4-735">10.1215/00182702-36-4-735</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/2066%2F67175">2066/67175</a></span>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a>&#160;<a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:143911190">143911190</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=History+of+Political+Economy&amp;rft.atitle=Behavioral+economics%3A+How+psychology+made+its+%28limited%29+way+back+into+economics.&amp;rft.volume=36&amp;rft.issue=4&amp;rft.pages=735-760&amp;rft.date=2004&amp;rft_id=info%3Ahdl%2F2066%2F67175&amp;rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A143911190%23id-name%3DS2CID&amp;rft_id=info%3Adoi%2F10.1215%2F00182702-36-4-735&amp;rft.aulast=Sent&amp;rft.aufirst=E.M.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShefrin2002" class="citation journal cs1">Shefrin, Hersh (2002). <a rel="nofollow" class="external text" href="http://forecastingprinciples.com/files/pdf/Shefrin%202002.pdf">"Behavioral decision making, forecasting, game theory, and role-play"</a> <span class="cs1-format">(PDF)</span>. <i>International Journal of Forecasting</i>. <b>18</b> (3): 375–382. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2FS0169-2070%2802%2900021-3">10.1016/S0169-2070(02)00021-3</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=International+Journal+of+Forecasting&amp;rft.atitle=Behavioral+decision+making%2C+forecasting%2C+game+theory%2C+and+role-play&amp;rft.volume=18&amp;rft.issue=3&amp;rft.pages=375-382&amp;rft.date=2002&amp;rft_id=info%3Adoi%2F10.1016%2FS0169-2070%2802%2900021-3&amp;rft.aulast=Shefrin&amp;rft.aufirst=Hersh&amp;rft_id=http%3A%2F%2Fforecastingprinciples.com%2Ffiles%2Fpdf%2FShefrin%25202002.pdf&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShleifer1999" class="citation book cs1"><a href="/wiki/Andrei_Shleifer" title="Andrei Shleifer">Shleifer, Andrei</a> (1999). <a rel="nofollow" class="external text" href="https://archive.org/details/inefficientmarke00andr"><i>Inefficient Markets: An Introduction to Behavioral Finance</i></a>. New York: Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0-19-829228-9" title="Special:BookSources/978-0-19-829228-9"><bdi>978-0-19-829228-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Inefficient+Markets%3A+An+Introduction+to+Behavioral+Finance&amp;rft.place=New+York&amp;rft.pub=Oxford+University+Press&amp;rft.date=1999&amp;rft.isbn=978-0-19-829228-9&amp;rft.aulast=Shleifer&amp;rft.aufirst=Andrei&amp;rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Finefficientmarke00andr&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSimon1987" class="citation encyclopaedia cs1"><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon, Herbert A.</a> (1987). "Behavioral Economics". <i><a href="/wiki/The_New_Palgrave:_A_Dictionary_of_Economics" class="mw-redirect" title="The New Palgrave: A Dictionary of Economics">The New Palgrave: A Dictionary of Economics</a></i>. Vol.&#160;1. pp.&#160;221–24.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=bookitem&amp;rft.atitle=Behavioral+Economics&amp;rft.btitle=The+New+Palgrave%3A+A+Dictionary+of+Economics&amp;rft.pages=221-24&amp;rft.date=1987&amp;rft.aulast=Simon&amp;rft.aufirst=Herbert+A.&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThaler2016" class="citation journal cs1">Thaler, Richard H (2016). <a rel="nofollow" class="external text" href="http://revistas.uexternado.edu.co/index.php/ecoins/article/view/5271">"Behavioral Economics: Past, Present, and Future"</a>. <i>American Economic Review</i>. <b>106</b> (7): 1577–1600. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Faer.106.7.1577">10.1257/aer.106.7.1577</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=article&amp;rft.jtitle=American+Economic+Review&amp;rft.atitle=Behavioral+Economics%3A+Past%2C+Present%2C+and+Future&amp;rft.volume=106&amp;rft.issue=7&amp;rft.pages=1577-1600&amp;rft.date=2016&amp;rft_id=info%3Adoi%2F10.1257%2Faer.106.7.1577&amp;rft.aulast=Thaler&amp;rft.aufirst=Richard+H&amp;rft_id=http%3A%2F%2Frevistas.uexternado.edu.co%2Findex.php%2Fecoins%2Farticle%2Fview%2F5271&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThalerMullainathan2008" class="citation encyclopaedia cs1"><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler, Richard H.</a>; Mullainathan, Sendhil (2008). <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/BehavioralEconomics.html">"Behavioral Economics"</a>. In <a href="/wiki/David_R._Henderson" title="David R. Henderson">David R. Henderson</a> (ed.). <i><a href="/wiki/Concise_Encyclopedia_of_Economics" class="mw-redirect" title="Concise Encyclopedia of Economics">Concise Encyclopedia of Economics</a></i> (2nd&#160;ed.). Indianapolis: <a href="/wiki/Library_of_Economics_and_Liberty" class="mw-redirect" title="Library of Economics and Liberty">Library of Economics and Liberty</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/978-0-86597-665-8" title="Special:BookSources/978-0-86597-665-8"><bdi>978-0-86597-665-8</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a>&#160;<a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/237794267">237794267</a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=bookitem&amp;rft.atitle=Behavioral+Economics&amp;rft.btitle=Concise+Encyclopedia+of+Economics&amp;rft.place=Indianapolis&amp;rft.edition=2nd&amp;rft.pub=Library+of+Economics+and+Liberty&amp;rft.date=2008&amp;rft_id=info%3Aoclcnum%2F237794267&amp;rft.isbn=978-0-86597-665-8&amp;rft.aulast=Thaler&amp;rft.aufirst=Richard+H.&amp;rft.au=Mullainathan%2C+Sendhil&amp;rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FBehavioralEconomics.html&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWheeler2018" class="citation encyclopaedia cs1"><a href="/wiki/Gregory_Wheeler" title="Gregory Wheeler">Wheeler, Gregory</a> (2018). <a rel="nofollow" class="external text" href="https://plato.stanford.edu/entries/bounded-rationality">"Bounded Rationality"</a>. In <a href="/wiki/Edward_Zalta" class="mw-redirect" title="Edward Zalta">Edward Zalta</a> (ed.). <i><a href="/wiki/Stanford_Encyclopedia_of_Philosophy" title="Stanford Encyclopedia of Philosophy">Stanford Encyclopedia of Philosophy</a></i>. Stanford, CA: Stanford University.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=bookitem&amp;rft.atitle=Bounded+Rationality&amp;rft.btitle=Stanford+Encyclopedia+of+Philosophy&amp;rft.place=Stanford%2C+CA&amp;rft.pub=Stanford+University&amp;rft.date=2018&amp;rft.aulast=Wheeler&amp;rft.aufirst=Gregory&amp;rft_id=https%3A%2F%2Fplato.stanford.edu%2Fentries%2Fbounded-rationality&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Behavioral_economics&amp;action=edit&amp;section=42" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://leconcurrentialiste.com/2014/04/23/behavioral-economics-in-u-s-antitrust-scholarly-papers/">"Behavioral economics in U.S. (antitrust) scholarly papers"</a>. <i>Le Concurrentialiste</i>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Le+Concurrentialiste&amp;rft.atitle=Behavioral+economics+in+U.S.+%28antitrust%29+scholarly+papers&amp;rft_id=http%3A%2F%2Fleconcurrentialiste.com%2F2014%2F04%2F23%2Fbehavioral-economics-in-u-s-antitrust-scholarly-papers%2F&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3ABehavioral+economics" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180407042932/https://www.behavioraleconomics.com/">The Behavioral Economics Guide</a></li> <li><a rel="nofollow" class="external text" href="https://ssrn.com/abstract=1488110">Overview of Behavioral Finance</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140319013441/http://dremanbehavioralfinance.org/">The Institute of Behavioral Finance</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180404210347/http://economicspsychologypolicy.blogspot.co.uk/">Stirling Behavioural Science Blog</a>, of the Stirling Behavioural Science Centre at <a href="/wiki/University_of_Stirling" title="University of Stirling">University of Stirling</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120110110918/http://www.sabeonline.org/">Society for the Advancement of Behavioural Economics</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140529051812/http://www.usapr.org/papers/paper.aspx?PaperID=30">Behavioral Economics: Past, Present, Future</a> – Colin F. Camerer and George Loewenstein</li> <li><a rel="nofollow" class="external text" href="http://www.moneyscience.com/pg/blog/Admin/read/50567/a-history-of-behavioural-finance-in-published-research-1944-1988">A History of Behavioural Finance / Economics in Published Research: 1944–1988</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201112032836/http://www.moneyscience.com/pg/blog/Admin/read/50567/a-history-of-behavioural-finance-in-published-research-1944-1988">Archived</a> November 12, 2020, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20151017010637/http://www.essex.ac.uk/coursefinder/course_details.aspx?course=MSC+L11912">MSc Behavioural Economics</a>, MSc in Behavioural Economics at the University of Essex</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180626142932/http://www.okanduru.com/becon.htm">Behavioral Economics of Shipping Business</a></li></ul> </div> <div style="clear:both;" class=""></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output 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choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business&#32;portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Institutional_economics" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Instecon" title="Template:Instecon"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Instecon" title="Template talk:Instecon"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Instecon" title="Special:EditPage/Template:Instecon"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Institutional_economics" style="font-size:114%;margin:0 4em"><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutional economists</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Werner_Abelshauser" title="Werner Abelshauser">Werner Abelshauser</a></li> <li><a href="/wiki/Clarence_Edwin_Ayres" title="Clarence Edwin Ayres">Clarence Edwin Ayres</a></li> <li><a href="/wiki/Joe_S._Bain" class="mw-redirect" title="Joe S. Bain">Joe S. Bain</a></li> <li><a href="/wiki/Shimshon_Bichler" title="Shimshon Bichler">Shimshon Bichler</a></li> <li><a href="/wiki/Robert_A._Brady" title="Robert A. Brady">Robert A. Brady</a></li> <li><a href="/wiki/Daniel_Bromley" title="Daniel Bromley">Daniel Bromley</a></li> <li><a href="/wiki/Ha-Joon_Chang" title="Ha-Joon Chang">Ha-Joon Chang</a></li> <li><a href="/wiki/John_Maurice_Clark" title="John Maurice Clark">John Maurice Clark</a></li> <li><a href="/wiki/John_R._Commons" title="John R. Commons">John R. Commons</a></li> <li><a href="/wiki/Richard_T._Ely" title="Richard T. Ely">Richard T. Ely</a></li> <li><a href="/wiki/Robert_H._Frank" title="Robert H. Frank">Robert H. Frank</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a></li> <li><a href="/wiki/Walton_Hale_Hamilton" title="Walton Hale Hamilton">Walton Hale Hamilton</a></li> <li><a href="/wiki/Orris_C._Herfindahl" title="Orris C. Herfindahl">Orris C. Herfindahl</a></li> <li><a href="/wiki/Albert_O._Hirschman" title="Albert O. Hirschman">Albert O. Hirschman</a></li> <li><a href="/wiki/Geoffrey_Hodgson" title="Geoffrey Hodgson">Geoffrey Hodgson</a></li> <li><a href="/wiki/J%C3%A1nos_Kornai" title="János Kornai">János Kornai</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Hunter_Lewis" title="Hunter Lewis">Hunter Lewis</a></li> <li><a href="/wiki/Jesse_W._Markham" title="Jesse W. Markham">Jesse W. Markham</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Jonathan_Nitzan" title="Jonathan Nitzan">Jonathan Nitzan</a></li> <li><a href="/wiki/Warren_Samuels" title="Warren Samuels">Warren Samuels</a></li> <li><a href="/wiki/Fran%C3%A7ois_Simiand" title="François Simiand">François Simiand</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a></li> <li><a href="/wiki/Frank_Stilwell_(economist)" title="Frank Stilwell (economist)">Frank Stilwell</a></li> <li><a href="/wiki/George_W._Stocking_Sr." title="George W. Stocking Sr.">George W. Stocking Sr.</a></li> <li><a href="/wiki/Lars_P%C3%A5lsson_Syll" title="Lars Pålsson Syll">Lars Pålsson Syll</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a></li> <li><a href="/wiki/Edward_Lawrence_Wheelwright" title="Edward Lawrence Wheelwright">Edward Lawrence Wheelwright</a></li> <li><a href="/wiki/Erich_Zimmermann" title="Erich Zimmermann">Erich Zimmermann</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional economists</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Daron_Acemoglu" title="Daron Acemoglu">Daron Acemoglu</a></li> <li><a href="/wiki/Armen_Alchian" title="Armen Alchian">Armen Alchian </a></li> <li><a href="/wiki/Masahiko_Aoki" title="Masahiko Aoki">Masahiko Aoki</a></li> <li><a href="/wiki/Steven_N._S._Cheung" title="Steven N. S. Cheung">Steven N. S. Cheung</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a></li> <li><a href="/wiki/Harold_Demsetz" title="Harold Demsetz">Harold Demsetz</a></li> <li><a href="/wiki/Avner_Greif" title="Avner Greif">Avner Greif</a></li> <li><a href="/wiki/Claude_M%C3%A9nard_(economist)" title="Claude Ménard (economist)">Claude Ménard</a></li> <li><a href="/wiki/Douglass_North" title="Douglass North">Douglass North</a></li> <li><a href="/wiki/Mancur_Olson" title="Mancur Olson">Mancur Olson</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Elinor Ostrom</a></li> <li><a href="/wiki/Oliver_E._Williamson" title="Oliver E. Williamson">Oliver E. Williamson</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a class="mw-selflink selflink">Behavioral economists</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/George_Ainslie_(psychologist)" title="George Ainslie (psychologist)">George Ainslie</a></li> <li><a href="/wiki/Dan_Ariely" title="Dan Ariely">Dan Ariely</a></li> <li><a href="/wiki/Nava_Ashraf" title="Nava Ashraf">Nava Ashraf</a></li> <li><a href="/wiki/Ofer_Azar" title="Ofer Azar">Ofer Azar</a></li> <li><a href="/wiki/Douglas_Bernheim" title="Douglas Bernheim">Douglas Bernheim</a></li> <li><a href="/wiki/Samuel_Bowles_(economist)" title="Samuel Bowles (economist)">Samuel Bowles</a></li> <li><a href="/wiki/Sarah_Brosnan" title="Sarah Brosnan">Sarah Brosnan</a></li> <li><a href="/wiki/Colin_Camerer" title="Colin Camerer">Colin Camerer</a></li> <li><a href="/wiki/David_Cesarini" title="David Cesarini">David Cesarini</a></li> <li><a href="/wiki/Kay-Yut_Chen" title="Kay-Yut Chen">Kay-Yut Chen</a></li> <li><a href="/wiki/Rachel_Croson" title="Rachel Croson">Rachel Croson</a></li> <li><a href="/wiki/Werner_De_Bondt" title="Werner De Bondt">Werner De Bondt</a></li> <li><a href="/wiki/Paul_Dolan_(academic)" class="mw-redirect" title="Paul Dolan (academic)">Paul Dolan</a></li> <li><a href="/wiki/Stephen_Duneier" title="Stephen Duneier">Stephen Duneier</a></li> <li><a href="/wiki/Catherine_C._Eckel" title="Catherine C. Eckel">Catherine C. Eckel</a></li> <li><a href="/wiki/Armin_Falk" title="Armin Falk">Armin Falk</a></li> <li><a href="/wiki/Urs_Fischbacher" title="Urs Fischbacher">Urs Fischbacher</a></li> <li><a href="/wiki/Herbert_Gintis" title="Herbert Gintis">Herbert Gintis</a></li> <li><a href="/wiki/Uri_Gneezy" title="Uri Gneezy">Uri Gneezy</a></li> <li><a href="/wiki/David_Halpern_(psychologist)" title="David Halpern (psychologist)">David Halpern</a></li> <li><a href="/wiki/Charles_A._Holt" title="Charles A. Holt">Charles A. Holt</a></li> <li><a href="/wiki/David_Ryan_Just" title="David Ryan Just">David Ryan Just</a></li> <li><a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a></li> <li><a href="/wiki/Ariel_Kalil" title="Ariel Kalil">Ariel Kalil</a></li> <li><a href="/wiki/George_Katona" title="George Katona">George Katona</a></li> <li><a href="/wiki/Jeffrey_R._Kling" title="Jeffrey R. Kling">Jeffrey R. Kling</a></li> <li><a href="/wiki/George_Loewenstein" title="George Loewenstein">George Loewenstein</a></li> <li><a href="/wiki/Graham_Loomes" title="Graham Loomes">Graham Loomes</a></li> <li><a href="/wiki/Brigitte_C._Madrian" title="Brigitte C. Madrian">Brigitte C. Madrian</a></li> <li><a href="/wiki/Gary_McClelland" title="Gary McClelland">Gary McClelland</a></li> <li><a href="/wiki/Matteo_Motterlini" title="Matteo Motterlini">Matteo Motterlini</a></li> <li><a href="/wiki/Sendhil_Mullainathan" title="Sendhil Mullainathan">Sendhil Mullainathan</a></li> <li><a href="/wiki/Michael_Norton_(professor)" title="Michael Norton (professor)">Michael Norton</a></li> <li><a href="/wiki/Matthew_Rabin" title="Matthew Rabin">Matthew Rabin</a></li> <li><a href="/wiki/Howard_Rachlin" title="Howard Rachlin">Howard Rachlin</a></li> <li><a href="/wiki/Klaus_M._Schmidt" title="Klaus M. Schmidt">Klaus M. Schmidt</a></li> <li><a href="/wiki/Eldar_Shafir" title="Eldar Shafir">Eldar Shafir</a></li> <li><a href="/wiki/Hersh_Shefrin" title="Hersh Shefrin">Hersh Shefrin</a></li> <li><a href="/wiki/Robert_J._Shiller" title="Robert J. Shiller">Robert J. Shiller</a></li> <li><a href="/wiki/Uwe_Sunde" title="Uwe Sunde">Uwe Sunde</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a></li> <li><a href="/wiki/Amos_Tversky" title="Amos Tversky">Amos Tversky</a></li> <li><a href="/wiki/Robert_W._Vishny" title="Robert W. Vishny">Robert W. Vishny</a></li> <li><a href="/wiki/Georg_Weizs%C3%A4cker" title="Georg Weizsäcker">Georg Weizsäcker</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_sociology" title="Economic sociology">Economic sociologists</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jens_Beckert" title="Jens Beckert">Jens Beckert</a></li> <li><a href="/wiki/Fred_L._Block" title="Fred L. Block">Fred L. Block</a></li> <li><a href="/wiki/James_Smoot_Coleman" title="James Smoot Coleman">James S. Coleman</a></li> <li><a href="/wiki/Paul_DiMaggio" title="Paul DiMaggio">Paul DiMaggio</a></li> <li><a href="/wiki/Paula_England" title="Paula England">Paula England</a></li> <li><a href="/wiki/Mark_Granovetter" title="Mark Granovetter">Mark Granovetter</a></li> <li><a href="/wiki/Donald_Angus_MacKenzie" class="mw-redirect" title="Donald Angus MacKenzie">Donald Angus MacKenzie</a></li> <li><a href="/wiki/Joel_M._Podolny" title="Joel M. Podolny">Joel M. Podolny</a></li> <li><a href="/wiki/Lynette_Spillman" title="Lynette Spillman">Lynette Spillman</a></li> <li><a href="/wiki/Richard_Swedberg" title="Richard Swedberg">Richard Swedberg</a></li> <li><a href="/wiki/Laurent_Th%C3%A9venot" title="Laurent Thévenot">Laurent Thévenot</a></li> <li><a href="/wiki/Carlo_Trigilia" title="Carlo Trigilia">Carlo Trigilia</a></li> <li><a href="/wiki/Harrison_White" title="Harrison White">Harrison White</a></li> <li><a href="/wiki/Viviana_Zelizer" title="Viviana Zelizer">Viviana Zelizer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Key concepts and ideas</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator effect</a></li> <li><a href="/wiki/Administered_prices" title="Administered prices">Administered prices</a></li> <li><a href="/wiki/Barriers_to_entry" title="Barriers to entry">Barriers to entry</a></li> <li><a href="/wiki/Bounded_rationality" title="Bounded rationality">Bounded rationality</a></li> <li><a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">Conspicuous consumption</a></li> <li><a href="/wiki/Conspicuous_leisure" title="Conspicuous leisure">Conspicuous leisure</a></li> <li><a href="/wiki/Conventional_wisdom" title="Conventional wisdom">Conventional wisdom</a></li> <li><a href="/wiki/Countervailing_power" title="Countervailing power">Countervailing power</a></li> <li><a href="/wiki/Effective_competition" title="Effective competition">Effective competition</a></li> <li><a href="/wiki/Herfindahl_index" class="mw-redirect" title="Herfindahl index">Herfindahl index</a></li> <li><a href="/wiki/Hiding_hand_principle" title="Hiding hand principle">Hiding hand principle</a></li> <li><a href="/wiki/Hirschman_cycle" title="Hirschman cycle">Hirschman cycle</a></li> <li><a href="/wiki/Instrumentalism" title="Instrumentalism">Instrumentalism</a></li> <li><a href="/wiki/Kuznets_swing" title="Kuznets swing">Kuznets cycles</a></li> <li><a href="/wiki/Market_concentration" title="Market concentration">Market concentration</a></li> <li><a href="/wiki/Market_power" title="Market power">Market power</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a></li> <li><a href="/wiki/Backwardness" title="Backwardness">Penalty of taking the lead</a></li> <li><a href="/wiki/Satisficing" title="Satisficing">Satisficing</a></li> <li><a href="/wiki/Shortage_economy" title="Shortage economy">Shortage economy</a></li> <li><a href="/wiki/Structure%E2%80%93conduct%E2%80%93performance_paradigm" title="Structure–conduct–performance paradigm">Structure–conduct–performance paradigm</a></li> <li><a href="/wiki/Technostructure" title="Technostructure">Technostructure</a></li> <li><a href="/wiki/Theory_of_two-level_planning" title="Theory of two-level planning">Theory of two-level planning</a></li> <li><a href="/wiki/Veblen_good" title="Veblen good">Veblen goods</a></li> <li><a href="/wiki/Veblenian_dichotomy" class="mw-redirect" title="Veblenian dichotomy">Veblenian dichotomy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related fields</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical school of economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/Evolutionary_psychology" title="Evolutionary psychology">Evolutionary psychology</a></li> <li><a href="/wiki/Schools_of_economic_thought#French_historical_school" title="Schools of economic thought">French historical school</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical school of economics</a></li> <li><a href="/wiki/Legal_realism" title="Legal realism">Legal realism</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Schools_of_economic_thought" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Schools_of_economic_thought" title="Template:Schools of economic thought"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Schools_of_economic_thought" title="Template talk:Schools of economic thought"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Schools_of_economic_thought" title="Special:EditPage/Template:Schools of economic thought"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Schools_of_economic_thought" style="font-size:114%;margin:0 4em"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools of economic thought</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-modern</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient schools</a></li> <li><a href="/wiki/History_of_Islamic_economics" title="History of Islamic economics">Medieval Islamic</a></li> <li><a href="/wiki/Scholasticism" title="Scholasticism">Scholasticism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Modern era</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Early_modern_philosophy" title="Early modern philosophy">Early modern</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cameralism" title="Cameralism">Cameralism</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocrats</a></li> <li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Late_modern_philosophy" class="mw-redirect" title="Late modern philosophy">Late modern</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a> <ul><li><a href="/wiki/Ricardian_economics" title="Ricardian economics">Ricardian</a></li></ul></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li><a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">German historical</a></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian</a></li> <li><a href="/wiki/Manchester_Liberalism" title="Manchester Liberalism">Manchester</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist economics</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Marxian critique of political economy</a></li> <li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Contemporary<br />(20th and<br />21st centuries)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Capability_approach" title="Capability approach">Capability approach</a></li> <li><a href="/wiki/Carnegie_School" title="Carnegie School">Carnegie</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">Modern Monetary Theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional</a></li> <li><a href="/wiki/Krak%C3%B3w_School_of_Economics" title="Kraków School of Economics">Cracovian</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Freiburg_school" title="Freiburg school">Freiburg</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> <ul><li><a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">Neoclassical–Keynesian synthesis</a></li></ul></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li> <li><a href="/wiki/Marxism_and_Keynesianism#Heterodoxy_and_Keynes–Marx_synthesis" class="mw-redirect" title="Marxism and Keynesianism">Keynes–Marx synthesis</a></li></ul></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a> <ul><li><a href="/wiki/Market_monetarism" title="Market monetarism">Market</a></li></ul></li> <li><a href="/wiki/Neo-Malthusianism" class="mw-redirect" title="Neo-Malthusianism">Neo-Malthusian</a></li> <li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-Marxian</a></li> <li><a href="/wiki/Neo-Ricardianism" title="Neo-Ricardianism">Neo-Ricardian</a></li> <li><a href="/wiki/Neo-Schumpeterian_economics" title="Neo-Schumpeterian economics">Neo-Schumpeterian</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational expectations theory</a></li> <li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater/freshwater</a></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Structuralist_economics" title="Structuralist economics">Structuralist</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Technocracy_movement" title="Technocracy movement">Technocracy movement</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermoeconomics</a></li> <li><a href="/wiki/Virginia_school_of_political_economy" title="Virginia school of political economy">Virginia</a></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">History of macroeconomic thought</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox economics</a></li> <li><a href="/wiki/Post-autistic_economics" title="Post-autistic economics">Post-autistic economics</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems theory</a></li> <li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Evolutionary_psychology" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Evolutionary_psychology" title="Template:Evolutionary psychology"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Evolutionary_psychology" title="Template talk:Evolutionary psychology"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Evolutionary_psychology" title="Special:EditPage/Template:Evolutionary psychology"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Evolutionary_psychology" style="font-size:114%;margin:0 4em"><a href="/wiki/Evolutionary_psychology" title="Evolutionary psychology">Evolutionary psychology</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/History_of_evolutionary_psychology" title="History of evolutionary psychology">History</a> <ul><li><a href="/wiki/History_of_evolutionary_thought" title="History of evolutionary thought">Evolutionary thought</a></li></ul></li> <li><a href="/wiki/Theoretical_foundations_of_evolutionary_psychology" title="Theoretical foundations of evolutionary psychology">Theoretical foundations</a> <ul><li><a href="/wiki/Adaptationism" title="Adaptationism">Adaptationism</a></li> <li><a href="/wiki/Cognitive_revolution" title="Cognitive revolution">Cognitive revolution</a></li> <li><a href="/wiki/Cognitivism_(psychology)" title="Cognitivism (psychology)">Cognitivism</a></li> <li><a href="/wiki/Gene-centered_view_of_evolution" title="Gene-centered view of evolution">Gene selection theory</a></li> <li><a href="/wiki/Modern_synthesis_(20th_century)" title="Modern synthesis (20th century)">Modern synthesis</a></li></ul></li> <li><a href="/wiki/Criticism_of_evolutionary_psychology" title="Criticism of evolutionary psychology">Criticism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Human_evolution" title="Human evolution">Evolutionary<br />processes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Psychological_adaptation" title="Psychological adaptation">Adaptations</a></li> <li><a href="/wiki/Altruism_(biology)" title="Altruism (biology)">Altruism</a> <ul><li><a href="/wiki/Cheating_(biology)" title="Cheating (biology)">Cheating</a></li> <li><a href="/wiki/Hamiltonian_spite" title="Hamiltonian spite">Hamiltonian spite</a></li> <li><a href="/wiki/Reciprocal_altruism_in_humans" title="Reciprocal altruism in humans">Reciprocal</a></li></ul></li> <li><a href="/wiki/Baldwin_effect" title="Baldwin effect">Baldwin effect</a></li> <li><a href="/wiki/Spandrel_(biology)" title="Spandrel (biology)">By-products</a></li> <li><a href="/wiki/Evolutionarily_stable_strategy" title="Evolutionarily stable strategy">Evolutionarily stable strategy</a></li> <li><a href="/wiki/Exaptation" title="Exaptation">Exaptation</a></li> <li><a href="/wiki/Fitness_(biology)" title="Fitness (biology)">Fitness</a> <ul><li><a href="/wiki/Inclusive_fitness_in_humans" title="Inclusive fitness in humans">Inclusive</a></li></ul></li> <li><a href="/wiki/Kin_selection" title="Kin selection">Kin selection</a></li> <li><a href="/wiki/Evolutionary_mismatch" title="Evolutionary mismatch">Mismatch</a></li> <li><a href="/wiki/Natural_selection" title="Natural selection">Natural selection</a></li> <li><a href="/wiki/Parental_investment" title="Parental investment">Parental investment</a> <ul><li><a href="/wiki/Parent%E2%80%93offspring_conflict" title="Parent–offspring conflict">Parent–offspring conflict</a></li></ul></li> <li><a href="/wiki/Sexual_selection_in_humans" title="Sexual selection in humans">Sexual selection</a> <ul><li><a href="/wiki/Costly_signaling_theory_in_evolutionary_psychology" title="Costly signaling theory in evolutionary psychology">Costly signaling</a></li> <li><a href="/wiki/Male_intrasexual_competition" title="Male intrasexual competition">Male</a>/<a href="/wiki/Female_intrasexual_competition" title="Female intrasexual competition">female intrasexual competition</a></li> <li><a href="/wiki/Mate_choice" title="Mate choice">Mate choice</a></li> <li><a href="/wiki/Sexual_dimorphism" title="Sexual dimorphism">Sexual dimorphism</a></li></ul></li> <li><a href="/wiki/Social_selection" title="Social selection">Social selection</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Areas</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Evolution_of_cognition" title="Evolution of cognition">Cognition</a> /<br /><a href="/wiki/Evolution_of_emotion" title="Evolution of emotion">Emotion</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Affect_(psychology)" title="Affect (psychology)">Affect</a> <ul><li><a href="/wiki/Affect_display" title="Affect display">Display</a></li> <li><a href="/wiki/Display_rules" title="Display rules">Display rules</a></li> <li><a href="/wiki/Facial_expression" title="Facial expression">Facial expression</a></li></ul></li> <li><a href="/wiki/Behavioral_modernity" title="Behavioral modernity">Behavioral modernity</a></li> <li><a href="/wiki/Cognitive_module" title="Cognitive module">Cognitive module</a>/<a href="/wiki/Modularity_of_mind" title="Modularity of mind">modularity of mind</a> <ul><li><a href="/wiki/Automatic_and_controlled_processes" title="Automatic and controlled processes">Automatic and controlled processes</a></li> <li><a href="/wiki/Computational_theory_of_mind" title="Computational theory of mind">Computational theory of mind</a></li> <li><a href="/wiki/Domain-general_learning" title="Domain-general learning">Domain generality</a></li> <li><a href="/wiki/Domain_specificity" title="Domain specificity">Domain specificity</a></li> <li><a href="/wiki/Dual_process_theory" title="Dual process theory">Dual process theory</a></li></ul></li> <li><a href="/wiki/Cognitive_tradeoff_hypothesis" title="Cognitive tradeoff hypothesis">Cognitive tradeoff hypothesis</a></li> <li><a href="/wiki/Evolution_of_the_brain" title="Evolution of the brain">Evolution of the brain</a></li> <li><a href="/wiki/Evolution_of_nervous_systems" title="Evolution of nervous systems">Evolution of nervous systems</a></li> <li><a href="/wiki/Fight-or-flight_response" title="Fight-or-flight response">Fight-or-flight response</a> <ul><li><a href="/wiki/Arachnophobia" title="Arachnophobia">Arachnophobia</a></li> <li><a href="/wiki/Fear_of_falling" title="Fear of falling">Basophobia</a></li> <li><a href="/wiki/Ophidiophobia" title="Ophidiophobia">Ophidiophobia</a></li></ul></li> <li><a href="/wiki/Folk_biology" title="Folk biology">Folk biology</a>/<a href="/wiki/Folk_taxonomy" title="Folk taxonomy">taxonomy</a></li> <li><a href="/wiki/Folk_psychology" title="Folk psychology">Folk psychology</a>/<a href="/wiki/Theory_of_mind" title="Theory of mind">theory of mind</a></li> <li><a href="/wiki/Evolution_of_human_intelligence" title="Evolution of human intelligence">Intelligence</a> <ul><li><a href="/wiki/Flynn_effect" title="Flynn effect">Flynn effect</a></li> <li><a href="/wiki/Wason_selection_task" title="Wason selection task">Wason selection task</a></li></ul></li> <li><a href="/wiki/Motor_control" title="Motor control">Motor control</a>/<a href="/wiki/Motor_skill" title="Motor skill">skill</a></li> <li><a href="/wiki/Human_multitasking" title="Human multitasking">Multitasking</a></li> <li><a href="/wiki/Neuroscience_of_sleep" title="Neuroscience of sleep">Sleep</a></li> <li><a href="/wiki/Visual_perception" title="Visual perception">Visual perception</a> <ul><li><a href="/wiki/Evolution_of_color_vision_in_primates" title="Evolution of color vision in primates">Color vision</a></li> <li><a href="/wiki/Evolution_of_the_eye" title="Evolution of the eye">Eye</a></li> <li><a href="/wiki/Na%C3%AFve_physics" title="Naïve physics">Naïve physics</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Evolutionary_psychology_and_culture" title="Evolutionary psychology and culture">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Evolutionary_aesthetics" title="Evolutionary aesthetics">Aesthetics</a> <ul><li><a href="/wiki/Darwinian_literary_studies" title="Darwinian literary studies">Literary criticism</a></li> <li><a href="/wiki/Evolutionary_musicology" title="Evolutionary musicology">Musicology</a></li></ul></li> <li><a href="/wiki/Evolutionary_anthropology" title="Evolutionary anthropology">Anthropology</a> <ul><li><a href="/wiki/Biological_anthropology" title="Biological anthropology">Biological</a></li></ul></li> <li><a href="/wiki/Biosocial_criminology" title="Biosocial criminology">Crime</a></li> <li><a href="/wiki/Evolutionary_linguistics" title="Evolutionary linguistics">Language</a> <ul><li><a href="/wiki/Origin_of_language" title="Origin of language">Origin</a></li> <li><a href="/wiki/Evolutionary_psychology_of_language" title="Evolutionary psychology of language">Psychology</a></li> <li><a href="/wiki/Origin_of_speech" title="Origin of speech">Speech</a></li></ul></li> <li><a href="/wiki/Evolution_of_morality" title="Evolution of morality">Morality</a> <ul><li><a href="/wiki/Moral_foundations_theory" title="Moral foundations theory">Moral foundations</a></li></ul></li> <li><a href="/wiki/Evolutionary_psychology_of_religion" title="Evolutionary psychology of religion">Religion</a> <ul><li><a href="/wiki/Evolutionary_origin_of_religions" class="mw-redirect" title="Evolutionary origin of religions">Origin</a></li></ul></li> <li><a href="/wiki/Cultural_universal" title="Cultural universal">Universals</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Evolutionary_developmental_psychology" title="Evolutionary developmental psychology">Development</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Attachment_theory" title="Attachment theory">Attachment</a></li> <li><a href="/wiki/Human_bonding" title="Human bonding">Bonding</a></li> <li><a href="/wiki/Affectional_bond" title="Affectional bond">Affectional</a>/<a href="/wiki/Maternal_bond" title="Maternal bond">maternal</a>/<a href="/wiki/Paternal_bond" title="Paternal bond">paternal bond</a></li> <li><a href="/wiki/Maternal_deprivation" title="Maternal deprivation">Caregiver deprivation</a></li> <li><a href="/wiki/Attachment_in_children" title="Attachment in children">Childhood attachment</a></li> <li><a href="/wiki/Cinderella_effect" title="Cinderella effect">Cinderella effect</a></li> <li><a href="/wiki/Cognitive_development" title="Cognitive development">Cognitive development</a></li> <li><a href="/wiki/Evolutionary_educational_psychology" title="Evolutionary educational psychology">Education</a></li> <li><a href="/wiki/Language_acquisition" title="Language acquisition">Language acquisition</a></li> <li><a href="/wiki/Personality_development" title="Personality development">Personality development</a></li> <li><a href="/wiki/Socialization" title="Socialization">Socialization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Ergonomics" title="Ergonomics">Human factors</a> /<br /><a href="/wiki/Evolutionary_psychiatry" title="Evolutionary psychiatry">Mental health</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cognitive_ergonomics" title="Cognitive ergonomics">Cognitive ergonomics</a> <ul><li><a href="/wiki/Computer-mediated_communication" title="Computer-mediated communication">Computer-mediated communication</a></li> <li><a href="/wiki/Engineering_psychology" title="Engineering psychology">Engineering psychology</a></li> <li><a href="/wiki/Human%E2%80%93computer_interaction" title="Human–computer interaction">Human–computer interaction</a></li> <li><a href="/wiki/Media_naturalness_theory" title="Media naturalness theory">Media naturalness theory</a></li> <li><a href="/wiki/Neuroergonomics" title="Neuroergonomics">Neuroergonomics</a></li></ul></li> <li><a href="/wiki/Evolutionary_approaches_to_depression" title="Evolutionary approaches to depression">Depression</a></li> <li><a href="/wiki/Digital_media_use_and_mental_health" title="Digital media use and mental health">Digital media use and mental health</a></li> <li><a href="/wiki/Accident-proneness" title="Accident-proneness">Hypophobia</a></li> <li><a href="/wiki/Imprinted_brain_hypothesis" title="Imprinted brain hypothesis">Imprinted brain hypothesis</a></li> <li><a href="/wiki/Mind-blindness" title="Mind-blindness">Mind-blindness</a></li> <li><a href="/wiki/Psychological_effects_of_Internet_use" title="Psychological effects of Internet use">Psychological effects of Internet use</a></li> <li><a href="/wiki/Rank_theory_of_depression" title="Rank theory of depression">Rank theory of depression</a></li> <li><a href="/wiki/Evolution_of_schizophrenia" title="Evolution of schizophrenia">Schizophrenia</a></li> <li><a href="/wiki/Screen_time" title="Screen time">Screen time</a></li> <li><a href="/wiki/Smartphones_and_pedestrian_safety" title="Smartphones and pedestrian safety">Smartphones and pedestrian safety</a></li> <li><a href="/wiki/Social_aspects_of_television" title="Social aspects of television">Social aspects of television</a></li> <li><a href="/wiki/Societal_impacts_of_cars" title="Societal impacts of cars">Societal impacts of cars</a> <ul><li><a href="/wiki/Distracted_driving" title="Distracted driving">Distracted driving</a></li> <li><a href="/wiki/Lead%E2%80%93crime_hypothesis" title="Lead–crime hypothesis">Lead–crime hypothesis</a></li> <li><a href="/wiki/Mobile_phones_and_driving_safety" title="Mobile phones and driving safety">Mobile phones and driving safety</a></li> <li><a href="/wiki/Texting_while_driving" title="Texting while driving">Texting while driving</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Sexology" title="Sexology">Sex</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Human_sexual_activity" title="Human sexual activity">Activity</a></li> <li><a href="/wiki/Attachment_in_adults" title="Attachment in adults">Adult attachment</a></li> <li><a href="/wiki/Age_disparity_in_sexual_relationships" title="Age disparity in sexual relationships">Age disparity</a></li> <li><a href="/wiki/Sexual_arousal" title="Sexual arousal">Arousal</a></li> <li><a href="/wiki/Concealed_ovulation" title="Concealed ovulation">Concealed ovulation</a></li> <li><a href="/wiki/Coolidge_effect" title="Coolidge effect">Coolidge effect</a></li> <li><a href="/wiki/Sexual_desire" title="Sexual desire">Desire</a></li> <li><a href="/wiki/Sexual_fantasy" title="Sexual fantasy">Fantasy</a></li> <li><a href="/wiki/Effects_of_hormones_on_sexual_motivation" title="Effects of hormones on sexual motivation">Hormonal motivation</a></li> <li><a href="/wiki/Sexual_jealousy" title="Sexual jealousy">Jealousy</a></li> <li><a href="/wiki/Mate_guarding_in_humans" title="Mate guarding in humans">Mate guarding</a></li> <li><a href="/wiki/Mating_preferences" title="Mating preferences">Mating preferences</a></li> <li><a href="/wiki/Human_mating_strategies" title="Human mating strategies">Mating strategies</a></li> <li><a href="/wiki/Biology_and_sexual_orientation" title="Biology and sexual orientation">Orientation</a></li> <li><a href="/wiki/Ovulatory_shift_hypothesis" title="Ovulatory shift hypothesis">Ovulatory shift hypothesis</a></li> <li><a href="/wiki/Pair_bond" title="Pair bond">Pair bond</a></li> <li><a href="/wiki/Physical_attractiveness" title="Physical attractiveness">Physical</a>/<a href="/wiki/Sexual_attraction" title="Sexual attraction">Sexual attraction</a></li> <li><a href="/wiki/Human_sexuality" title="Human sexuality">Sexuality</a>/<a href="/wiki/Human_male_sexuality" title="Human male sexuality">male</a>/<a href="/wiki/Human_female_sexuality" title="Human female sexuality">female</a></li> <li><a href="/wiki/Sexy_son_hypothesis" title="Sexy son hypothesis">Sexy son hypothesis</a></li> <li><a href="/wiki/Westermarck_effect" title="Westermarck effect">Westermarck effect</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Sex_differences_in_psychology" title="Sex differences in psychology">Sex differences</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggression" title="Aggression">Aggression</a></li> <li><a href="/wiki/Sex_and_gender_differences_in_autism" title="Sex and gender differences in autism">Autism</a></li> <li><a href="/wiki/Sex_differences_in_cognition" title="Sex differences in cognition">Cognition</a></li> <li><a href="/wiki/Sex_differences_in_crime" title="Sex differences in crime">Crime</a></li> <li><a href="/wiki/Sexual_division_of_labour" title="Sexual division of labour">Division of labour</a></li> <li><a href="/wiki/Sex_differences_in_emotional_intelligence" title="Sex differences in emotional intelligence">Emotional intelligence</a></li> <li><a href="/wiki/Empathising%E2%80%93systemising_theory" title="Empathising–systemising theory">Empathising–systemising theory</a></li> <li><a href="/wiki/Gender_role" title="Gender role">Gender role</a></li> <li><a href="/wiki/Sex_differences_in_intelligence" title="Sex differences in intelligence">Intelligence</a></li> <li><a href="/wiki/Sex_differences_in_memory" title="Sex differences in memory">Memory</a></li> <li><a href="/wiki/Mental_disorders_and_gender" title="Mental disorders and gender">Mental health</a></li> <li><a href="/wiki/Sex_differences_in_narcissism" title="Sex differences in narcissism">Narcissism</a></li> <li><a href="/wiki/Neuroscience_of_sex_differences" title="Neuroscience of sex differences">Neuroscience</a></li> <li><a href="/wiki/Sex_differences_in_schizophrenia" title="Sex differences in schizophrenia">Schizophrenia</a></li> <li><a href="/wiki/Substance_abuse" title="Substance abuse">Substance abuse</a></li> <li><a href="/wiki/Gender_differences_in_suicide" title="Gender differences in suicide">Suicide</a></li> <li><a href="/wiki/Variability_hypothesis" title="Variability hypothesis">Variability hypothesis</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Related subjects</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Academic disciplines</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Behavioral</a>/<a href="/wiki/Evolutionary_economics" title="Evolutionary economics">evolutionary economics</a></li> <li><a href="/wiki/Behavioral_epigenetics" title="Behavioral epigenetics">Behavioral epigenetics</a>/<a href="/wiki/Behavioural_genetics" title="Behavioural genetics">genetics</a></li> <li><a href="/wiki/Affective_neuroscience" title="Affective neuroscience">Affective</a>/<a href="/wiki/Behavioral_neuroscience" title="Behavioral neuroscience">behavioral</a>/<a href="/wiki/Cognitive_neuroscience" title="Cognitive neuroscience">cognitive</a>/<a href="/wiki/Evolutionary_neuroscience" title="Evolutionary neuroscience">evolutionary neuroscience</a></li> <li><a href="/wiki/Biocultural_anthropology" title="Biocultural anthropology">Biocultural anthropology</a></li> <li><a href="/wiki/Biological_psychiatry" title="Biological psychiatry">Biological psychiatry</a></li> <li><a href="/wiki/Cognitive_psychology" title="Cognitive psychology">Cognitive psychology</a></li> <li><a href="/wiki/Cognitive_science" title="Cognitive science">Cognitive science</a></li> <li><a href="/wiki/Cross-cultural_psychology" title="Cross-cultural psychology">Cross-cultural psychology</a></li> <li><a href="/wiki/Ethology" title="Ethology">Ethology</a></li> <li><a href="/wiki/Evolutionary_biology" title="Evolutionary biology">Evolutionary biology</a></li> <li><a href="/wiki/Evolutionary_medicine" title="Evolutionary medicine">Evolutionary medicine</a></li> <li><a href="/wiki/Functional_psychology" title="Functional psychology">Functional psychology</a></li> <li><a href="/wiki/Neuropsychology" title="Neuropsychology">Neuropsychology</a></li> <li><a href="/wiki/Philosophy_of_mind" title="Philosophy of mind">Philosophy of mind</a></li> <li><a href="/wiki/Population_genetics" title="Population genetics">Population genetics</a></li> <li><a href="/wiki/Primatology" title="Primatology">Primatology</a></li> <li><a href="/wiki/Sociobiology" title="Sociobiology">Sociobiology</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Research topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cultural_evolution" title="Cultural evolution">Cultural evolution</a></li> <li><a href="/wiki/Evolutionary_epistemology" title="Evolutionary epistemology">Evolutionary epistemology</a></li> <li><a href="/wiki/Great_ape_language" title="Great ape language">Great ape language</a></li> <li><a href="/wiki/Human%E2%80%93animal_communication" title="Human–animal communication">Human–animal communication</a></li> <li><a href="/wiki/Missing_heritability_problem" title="Missing heritability problem">Missing heritability problem</a></li> <li><a href="/wiki/Primate_cognition" title="Primate cognition">Primate cognition</a></li> <li><a href="/wiki/Unit_of_selection" title="Unit of selection">Unit of selection</a> <ul><li><a href="/wiki/Coevolution" title="Coevolution">Coevolution</a></li> <li><a href="/wiki/Cultural_group_selection" title="Cultural group selection">Cultural group selection</a></li> <li><a href="/wiki/Dual_inheritance_theory" title="Dual inheritance theory">Dual inheritance theory</a></li> <li><a href="/wiki/Fisher%27s_principle" title="Fisher&#39;s principle">Fisher's principle</a></li> <li><a href="/wiki/Group_selection" title="Group selection">Group selection</a></li> <li><a href="/wiki/Hologenome_theory_of_evolution" title="Hologenome theory of evolution">Hologenome theory</a></li> <li><a href="/wiki/Lamarckism" title="Lamarckism">Lamarckism</a></li> <li><a href="/wiki/Population" title="Population">Population</a></li> <li><a href="/wiki/Punctuated_equilibrium" title="Punctuated equilibrium">Punctuated equilibrium</a></li> <li><a href="/wiki/Recent_human_evolution" title="Recent human evolution">Recent human evolution</a></li> <li><a href="/wiki/Species" title="Species">Species</a></li> <li><a href="/wiki/Species_complex" title="Species complex">Species complex</a></li> <li><a href="/wiki/Transgenerational_epigenetic_inheritance" title="Transgenerational epigenetic inheritance">Transgenerational epigenetic inheritance</a></li> <li><a href="/wiki/Trivers%E2%80%93Willard_hypothesis" title="Trivers–Willard hypothesis">Trivers–Willard hypothesis</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theoretical positions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cultural_selection_theory" title="Cultural selection theory">Cultural selection theory</a></li> <li><a href="/wiki/Determinism" title="Determinism">Determinism</a>/<a href="/wiki/Indeterminism" title="Indeterminism">indeterminism</a> <ul><li><a href="/wiki/Biological_determinism" title="Biological determinism">Biological determinism</a></li> <li><a href="/wiki/Connectionism" title="Connectionism">Connectionism</a></li> <li><a href="/wiki/Cultural_determinism" title="Cultural determinism">Cultural determinism</a></li> <li><a href="/wiki/Environmental_determinism" title="Environmental determinism">Environmental determinism</a></li> <li><a href="/wiki/Nature_versus_nurture" title="Nature versus nurture">Nature versus nurture</a></li> <li><a href="/wiki/Psychological_nativism" title="Psychological nativism">Psychological nativism</a></li> <li><a href="/wiki/Social_constructionism" title="Social constructionism">Social constructionism</a></li> <li><a href="/wiki/Social_determinism" title="Social determinism">Social determinism</a></li> <li><a href="/wiki/Standard_social_science_model" title="Standard social science model">Standard social science model</a></li></ul></li> <li><a href="/wiki/Functionalism_(philosophy_of_mind)" title="Functionalism (philosophy of mind)">Functionalism</a></li> <li><a href="/wiki/Memetics" title="Memetics">Memetics</a></li> <li><a href="/wiki/Multilineal_evolution" title="Multilineal evolution">Multilineal evolution</a></li> <li><a href="/wiki/Neo-Darwinism" title="Neo-Darwinism">Neo-Darwinism</a></li> <li><a href="/wiki/Neoevolutionism" title="Neoevolutionism">Neoevolutionism</a></li> <li><a href="/wiki/Sociocultural_evolution" title="Sociocultural evolution">Sociocultural evolution</a></li> <li><a href="/wiki/Unilineal_evolution" title="Unilineal evolution">Unilineal 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