Behavioral Economics
Behavioral Psychology: Essential Principles and Theories
Read this article to understand the nuances of Behavioral Psychology and how it affects daily life, leadership, workplace behavior, and learning.
What is Behavioral Economics: Your Quick Guide
Every day we make a myriad of decisions – eat out or buy groceries, walk or hail a cab, go to the movies or stay in. Sometimes, we rationalize that cooking a home meal is a better idea since we already spent too much on dining this month. But then, we see some attractive promo at the deli and go on and change our mind in a beat. In a nutshell, behavioral economics attempts to study how our “whims” affect our day-to-day spending decisions and affect different economic processes on a macro level. Let’s dig in!
How the Endowment Effect can Affect Businesses
Businesses can be affected due to consumer behavior that they might find hard to predict. Many theories, models and research have long tried to predict motivations of consumers for buying goods or services based on consumer preferences