Behavioral Economics and Business

Hersh Shefrin

Chapter Chapter 9 in The Purpose of Business, 2015, pp 193-227 from Palgrave Macmillan

Abstract: Abstract Slowly but surely behavioral economics is changing both the way we understand the world and the way the world works, especially the world of business. In recent years, some of the most tangible changes have been emanating from the work of the Office of Information and Regulatory Affairs (OIRA), a US government agency, and the Behavioral Insights Team (BIT), a branch of the UK government. Both bodies are charged with applying ideas from behavioral economics to public policy. But, behavioral ideas apply to business as well as public policy. This chapter describes some of the foundation concepts in behavioral economics, and their application to business decision making and to business education, as well as to public policy.

Keywords: Global Warming; Credit Card; Behavioral Economic; Climate Scientist; Dispositional Optimism (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-50324-4_9

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DOI: 10.1057/9781137503244_9

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