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21 Ιαν 2020 · • Study of the behavior of the economy as a whole. • What determines the behavior of overall employment, total output, and prices? • Examples of macroeconomic questions.
⋄ Behavioral Economics allows for utility functions U(x, y)where y is consumption of others. • Allowing for non–standard preferences is the least radical departure from the standard paradigm. ⋄ the models in this area still maintain concepts of “maximization” or “equilibrium”.
Behavioral economics allows economists to better understand these forms of inequality based on how they relate to social norms, implicit bias, and psychological predispositions to inequality.
In this chapter we explore the behavior of individual economic actors—people. We look at both historical perspectives and contemporary research on this topic, and discuss its implications for economic theory. 1. HISTORICAL PERSPECTIVES ON ECONOMIC BEHAVIOR.
We discuss several areas in which concepts from behavioral economics have proved useful in shedding light on issues in development economics. We focus on three types of non-standard preferences—present bias, reference-dependent prefer-ences (loss aversion), and social preferences—and three key areas of non-standard
Usefulness of economics - economics provides an objective mode of analysis, with rigorous models that are predictive of human behavior. Assumptions in Economics - economic models of human behavior are built upon assumptions; or simplifications that permit rigorous analysis of real world events, without irrelevant complications.
Describe in what key ways behavioral economic is a departure from neoclassical theory. Explain the roles that time and emotions play in economic decisions. Understand the basics of economic rationality, including how it is shaped by constraints, information, and influence.
