Behavioral economics

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Cultural Chickens and Economic Eggs

Which comes first? As economists become more and more willing to investigate this relationship, we may be inching closer to an answer. Joel Lee explores the expanding field of cultural economics.

Behavioural economics: a primer

The rational man is known well to any classical economist, writes Philip Grossman. But his devilish counterpart, the irrational man, is uncharted territory. Enter behavioural economics.

Someone Give this Rational Agent a Heart!

Economics as a discipline is a victim of huge misunderstanding. We are seen to be obsessed about utility maximization, profit maximization, efficiency and equilibria (to name a few among the many words in the economist’s vocabulary that appear to degenerate human behavior into some egotistical mathematical equation!). These perceptions are mostly true; however, the misunderstanding lies within the economist’s relationship with the homo economicus. Most people would think that economists are in love with the rational but fictional economic man.  However the truth is that economists are in some twisted love-hate relationship with this agent.

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