Behavioural Economics Assignment: Business Consumer Decision-Making & Consumer Surplus

Nhat Chi Mai

No 4jrc8, OSF Preprints from Center for Open Science

Abstract: Task: Behavioural Economics Assignment task: Essay “A nudge in the right direction?” Behavioural economists study how people’s buying, selling and other behaviour responds to various incentives and social situations. They don’t accept the simplistic notion that people are always rational maximisers. As the Livemint article (2016) states, “According to behavioural economists, the human brain neither has the time nor the ability to process all the information involved in decision making, as assumed by the rational model.” Instead, rationality is bounded: people use simple rules of thumb in making decisions – rules they have developed over time in the light of experience.

Date: 2022-05-01
New Economics Papers: this item is included in nep-cbe and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:4jrc8

DOI: 10.31219/osf.io/4jrc8

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