Clinicians who engage patients and family members in shared decision-making know that people don’t always make healthcare decisions based on what is rational. The irrationality of healthcare decisions ...

Behavioral Economics is the application of psychology to the field of economics. It describes the role that psychology plays among consumers, employers, and governments, which then impacts markets and ...

Investing in the financial markets is a complex endeavor influenced not only by economic factors and market dynamics but also by human behavior. Traditional finance theory assumes that investors make ...

In his New York Times bestselling book Moneyball, Michael Lewis tells the story of Billy Beane, the general manager of the Oakland A’s, and how, despite having half the budget of some of the ...

Forbes contributors publish independent expert analyses and insights. Tim Maurer covers how personal finance is more personal than finance. May 05, 2024, 07:00am EDT Sunk cost, opportunity cost, and ...

Learn how Nobel Laureate Daniel Kahneman's work in behavioral economics revolutionized the understanding of human ...

As the column’s name suggests, Thaler set out to challenge standard economic thinking by testing economic anomalies—in other words, what happens when our irrational, some might say human, selves are ...

Much of the foundational work in behavioral economics was sparked by the cognitive psychologist Daniel Kahneman and Amos Tyversky, who brilliantly explored how humans make decisions based on framing ...

Head scratcher? To some, yes. But experts in behavioral science — and its subcategory of behavioral economics — aren’t so surprised. It turns out that in a lot of social situations, we all make ...

Behavioral economics uses an understanding of human psychology to account for why people deviate from rational action when they’re making decisions. In the model of rational action assumed by ...