In Opinion: How behavioral economics explains everyday life | Bounded Rationality and Beyond | Scoop.it

The integration of neuroscience, psychology, microeconomic theory, and social intelligence has bred a field that provides insights and underlying assumptions to our normal interactions.

Behavioral economics sheds light on most everyday activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action. It is an incredible lens that exposes our inner biases and approaches to decision-making. It’s one where we can more fully understand the bounds, motivations, causes and limitations to our decisions and actions—anything from risk to resource allocation, strategic dependence or irrationality. The integration of neuroscience, psychology, microeconomic theory and social intelligence has bred a field that provides insights and underlying assumptions to our interactions, and one that continues to influence us in our day-to-day lives.