In this video, we explain all about behavioral economics, what it is, its advantages and disadvantages, and much more.
What is Behavioral Economics?
Behavioral economics is a mixture of economics and psychology that studies how consumers and institutions make economic decisions based on human emotions, environment, impulses, etc.
How is behavioral economics different from rational approach theory?
A rational approach theory states that economic decisions made by human beings are based more on self-control and logic rather than on impulse.
Whereas behavioral economics states that most of the time, decisions made by human beings are irrational driven by sentiments rather than weighing pros and cons.
Further, we also look at the advantages and criticism of behavioral economics, some important terms used in behavioral economics, and finally look at a recent example where behavioral economics might have been at its background.
So make sure to watch the video till the very end.
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