This insight is part of the basis of "prospect theory, " one branch of behavioral economics.
Schoenberg, a former investment banker who now teaches behavioral economics at Columbia Business School.
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Behavioral economics has shown that people are more swayed by anecdotes than by statistics.
Anchoring effects are one of the better established phenomenon in the field of behavioral economics.
Choice architecture is usually the most benign form of paternalism that behavioral economics has brought us in practice.
Enterprise gamification requires an application of psychology and behavioral economics to incentivize outcomes.
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The book gives several other good examples of this same behavioral economics effect.
Making sustainability the default: Behavioral economics convincingly demonstrates that we act much less rationally than we think we do.
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According to Volpp, employers should think about behavioral economics whenever they are trying to incentivize healthy habits in the workplace.
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Behavioral economics takes aim at the classic economics assumption that humans behave rationally when it comes to financial and other matters.
Behavioral economics calls into question the central assumption of classical economics: that individuals are rational actors who seek to maximize their self-interest.
The simple answer comes from behavioral economics 101 people form strongly-held beliefs and then they look for data that confirms those beliefs.
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The most serious governmental efforts to combat obesity consist of efforts to marry the power to regulate commerce with the insights of behavioral economics.
It's ironic that Kahneman singles Friedman out as an intellectual foil, for Friedman was practicing behavioral economics when Kahneman (born 1934) was but a child.
Few object to the behavioral economics techniques practiced by pharmacy benefit managers (PBMs), since the intended outcome increased drug compliance benefits the patient.
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Behavioral economics has one more lesson for gift givers: If your goal is to maximize a social connection, don't give a perishable gift like flowers or chocolates.
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Lottery-based incentive programs in the workplace fall broadly into the realm of behavioral economics, a field of study that looks at how psychological factors weigh on economic decisions.
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But behavioral economics yields an insight into an important phenomenon influencing hospital prices, a phenomenon I came across while reading a 2005 Lewin Group report on hospital pricing.
If the field of behavioral economics is to be believed, this should transform users into evangelists, eager to share their hotspot with anybody and everybody they come into contact with.
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The government must know behavioral economics, too, so I wonder if it is really in the business of wanting to raise more tax revenue for more government spending on health care.
In an interview with The Wall Street Journal last year, Mr. Sunstein said Mr. Obama was intrigued by "law and behavioral economics" as an approach to regulation that would avoid ideological extremes.
It's a shame that behavioral economics has become associated with ineffectual nanny-state efforts like the big-soda ban, because it's actually a tremendously interesting field of study, one that offers widely applicable insights into human nature.
Ariely, 43, a professor of psychology and behavioral economics, is among the most creative of a new breed of social scientists charting the numerous ways our psychological quirks cause us to deviate from rational behavior.
Finally, I talked to Yosuke Morishima, a post-doctoral student in micro economics and experimental economic research at the University of Zurich, who told me about a classic behavioral economics study conducted in the mid 1980s.
Justin Wolfers, assistant professor of business and public policy at the Wharton School at the University of Pennsylvania, where he teaches "Finance, Behavioral Economics and Sports Betting, " says he's very optimistic about betting in office pools.
But prospect theory, a field of behavioral economics, tells us that people who have no good options tend to be risk-seeking, because the psychological cost of a bad outcome diminishes the fear of a worse outcome.
The too clever fiscal compromises, the friction between Orszag and Summers, and the earnest discussions about behavioral economics were all part of a fairly self-contained process, one far less infected by politics than what comes next.
Mr. Sunstein, a prolific academic with wide-ranging interests, may be best known for advancing a field known as "law and behavioral economics" that seeks to shape law and policy around the way research shows people actually behave.
When Dick Thaler and Danny Kahneman (two of the founders of the field of behavioral economics) showed investment firms data confirming that their top earners were the recipients of good old fashioned luck, the bankers scoffed at their analyses.
Indeed, the guilty secret of psychology and of behavioral economics is that their experiments and surveys are conducted almost entirely with people from Western, industrialized countries, mostly of college age, and very often students of psychology at colleges in the United States.
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