Relation of Behavioural Economics and Human Nature

Keyi Qin ()
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Keyi Qin: imperial college london

A chapter in Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), 2022, pp 541-545 from Springer

Abstract: Abstract Theories in economics relates to understanding human activities in relation to prices, production, consumption and markets. Various laws of economics are based on assumptions like efficient markets and rational persons. Behavioral economics studies our day-to-day activities and identifies the reason behind the choices that we make and how we arrive at economic decisions. With the lens of behavioral economics, our inner biases, our consumption patterns and our decision-making approaches are understood. There is a strong relation of behavioral economics and human nature as theories of behavioral economics are created to study human nature in the context of economics. The purpose of this research paper is to study behavioral economics in context of Human nature and its relationship with human nature. The research methodology used in this study is descriptive research based on available journal articles and books based on this subject. Below are some of the aims and objectives of this research paper: To study the relation of behavioural economics and human nature. Application of behavioural approach in the field of economics and finance. Role of empirical data as well as conceptual formation in predicting human nature in behavioural economics. Contradiction between human nature and rational decision making. With the help of the literature related to this field, the relationship between behavioural economics and human nature is explained in this research paper.

Keywords: Behavioural Economics; Rational Decision Making; Suboptimal Choice; Predicting Human Nature; Bounded Rationality (search for similar items in EconPapers)
Date: 2022
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DOI: 10.2991/978-94-6463-036-7_80

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