Behavior Economics

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Last updated 3:45 PM on 9/18/26
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9 Terms

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Behavior Economics

The study of psychology relating to economic decision making

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Bounded Rationality

Being limited in the ability to make rational decisions due to time, lack of info and cognitive limitations.

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Bounded WIllpower

Falling to temptation even when we know the best option

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Bounded Self-Interest

Assumes people are going to act according to their own self-interest

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Fallacy

A mistaken belief/failure in reasoning

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Heuristics

Quick rule of thumb used to make a decision

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Heuristics Advantages

Faster, need less info, often useful

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Heuristic Disadvantages

Predictable errors, may ignore important evidence

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Anchoring

Tendency to reply on first option presented