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Behavioral Economics

   Also found in: Wikipedia 0.04 sec.
Behavioral Economics
A field of economics that studies how the actual decision-making process influences the decisions that are reached.

Notes:
The two most important questions in this field are:
1) Are the assumptions of utility or profit maximization good approximations of real behavior?
2) Do individuals maximize subjective expected utility?
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Behavioral economics shows that clients cannot be expected to act in their best interests without serious guidance.
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The journal focuses on the application to legal issues of new insights developed in economic disciplines such as microeconomics and game theory, finance, econometrics, decision theory, political economy and public choice, behavioral economics, social psychology and evolutionary biology.
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