Behavioral economics
Behavioral economics and the related field, behavioral finance, study the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions a...
Prospect theory
Prospect theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. The theory sta...
Physioeconomics
Physioeconomics (or physio-economics) is an extension of experimental economics research that collects physiological parameters in addition to recording behavior. These measures can include skin condu...
Risk neutral
In economics and finance, risk neutral preferences are neither risk averse nor risk seeking. A risk neutral party's decisions are not affected by the degree of uncertainty in a set of outcomes, so a r...
George Ainslie (psychologist)
George W. Ainslie is an American psychiatrist, psychologist and behavioral economist.Unusual for a psychiatrist, Ainslie undertook experimental animal research in operant conditioning, under the guida...
Charles A. Holt
Charles A. Holt (born October 2, 1948) is a behavioral economist, the A. Willis Robertson Professor of Political Economy at the University of Virginia.Among others he has written the textbook Markets,...
Agent (economics)
In economics, an agent is an actor and decision maker in a model. Typically, every agent makes decisions by solving a well or ill-defined optimization/choice problem.For example, buyers and sellers ar...
Risk-seeking
In economics and finance, a risk-seeker or risk-lover is a person who has a preference for risk. While most investors are considered risk averse, one could view casino-goers as risk-seeking. If offer...
Rational choice theory
Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior. Rationality, interpreted as "w...
Attribute substitution
Attribute substitution is a psychological process thought to underlie a number of cognitive biases and perceptual illusions. It occurs when an individual has to make a judgment (of a target attribute)...
Attribute substitution - Wikipedia
Availability heuristic
The availability heuristic is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision. The availability heu...
Economics of gambling
As a result of gambling, some are driven to extreme lengths to cover debt. Severely addicted gamblers spend most of their energy following their addiction. They cost companies loss of productivity and...
Neuroeconomics
Neuroeconomics is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to follow a course of action. It studies how economic behavio...
Cumulative prospect theory
Cumulative prospect theory (CPT) is a model for descriptive decisions under risk and crisis which was introduced by Amos Tversky and Daniel Kahneman in 1992 (Tversky, Kahneman, 1992). It is a further ...
Cumulative prospect theory - Wikipedia
Anchoring
Anchoring or focalism is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. During decision m...
Reciprocity (social psychology)
Reciprocity in social psychology refers to responding to a positive action with another positive action, rewarding kind actions. As a social construct, reciprocity means that in response to friendly a...
Hersh Shefrin
Hersh Shefrin (born in Winnipeg, Canada) is an economist best known for his pioneering work in behavioral finance. Shefrin received his B.S. from Manitoba University in 1970. At the University of Wat...
Allais paradox
The Allais paradox is a choice problem designed by Maurice Allais (1953) to show an inconsistency of actual observed choices with the predictions of expected utility theory.
The Allais pa...
Scarcity
Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all huma...
Representativeness heuristic
The representativeness heuristic is used when making judgments about the probability of an event under uncertainty. It is one of a group of heuristics (simple rules governing judgment or decision-maki...
Representativeness heuristic - Wikipedia
Dan Ariely
Dan Ariely (born April 29, 1967) is an Israeli American professor of psychology and behavioral economics. He teaches at Duke University and is the founder of The Center for Advanced Hindsight and also...
Dan Ariely - Wikipedia
Samuel Bowles (economist)
Samuel Stebbins Bowles (/boʊlz/; born 6 January 1939), is an American economist and Professor Emeritus at the University of Massachusetts Amherst, where he continues to teach courses on microeconomics...