Behavioral Economics

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From Wikipedia:

Behavioral economics and the related field, behavioral finance, study the effects of social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and the resource allocation. [1]  The fields are primarily concerned with the bounds ofrationality of economic agents. Behavioral models typically integrate insights from psychology with microeconomic theory; in so doing, these behavioral models cover a range of concepts, methods, and fields.[2]

The study of behavioral economics includes how market decisions are made and the mechanisms that drive public choice.

There are three prevalent themes in behavioral finances:[3]
 * Heuristics: People often make decisions based on approximate rules of thumb and not strict logic.
 * Framing: The collection of anecdotes and stereotypes that make up the mental emotional filters individuals rely on to understand and respond to events.
 * Market inefficiencies: These include mis-pricings and non-rational decision making.

Behavioral Economists

 * Richard Thaler