Excerpt
Content
1. Introduction
2. Behavioral Economics
2.1 History
2.2 Definition
2.3 Experimental Economics and Neuroeconomics
3. Neoclassical Economics
3.1 Advantages of the Standard Economic Model
3.2 Criticism
4. Behavioral Economic Model
4.1 Principle 1: People are influenced by Other’s Behavior
4.1.1 Herding
4.1.2 Social Proof
4.2 Principle 2: Habits are important
4.2.1 Status Quo Bias
4.3 Principle 3: People can act altruistically
4.3.1 The Ultimatum Game
4.4 Principle 4: People’s Self-Expectations influence Behavior
4.4.1 Cognitive Dissonance
4.5 Principle 5: People are loss-averse
4.5.1 Endowment-Effect
4.5.2 Sunk-Cost Effect
4.6 Principle 6: People are bad at Computation when making Decisions
4.6.1 Salience
4.6.2 Hyperbolic Discounting
4.6.3 Framing
4.6.4 Intuition
4.7 Principle 7: People need to feel involved and effective to make a Change
4.7.1 Illusion of Control
4.7.2 Hindsight Bias
4.8 Résumé
5. Conclusion
6. Bibliography
7. Internet Sources
- Quote paper
- Jessica Witzel (Author), 2012, Is Homo Economicus becoming extinct?, Munich, GRIN Verlag, https://www.grin.com/document/195282
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