In this video, you will learn about behavioral economics.
#behavioraleconomics #economics #wallstreetmojo #psychology #behavior
Chapters:
00:18 – Introduction
00:36 – What is behavioral economics?
01:24 – Factors influencing human decisions
02:33 – Application of behavioral economics
03:32 – Conclusion
What is behavioral economics?
Behavioral economics is a field that combines elements of psychology, economics, and sociology to study how people make decisions.
It recognizes that people are not always rational and that various factors, such as emotions, social norms, and biases, can influence them.
Behavioral economists try to understand why people sometimes make choices that are not in their best interest or differ from what traditional economic models would predict.
Factors influencing human decisions
Some of the factors include:
Bounded rationality
Choice architecture
Cognitive bias
Discrimination
Herd mentality
(Explained in detail in the video)
Application of behavioral economics
Behavioral economics has important implications for various fields, including marketing, public policy, and finance.
(Explained in detail in the video)
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