"If you ever go bar hopping, who do you want to take with you? You want a slightly uglier version of yourself. Similar … but slightly uglier." - Dan Ariely
Everyone is talking about 'behavioural economics', but do you know what is meant by it?
When I heard these words for the first time I did not know anything about it. Maybe you feel the same and these information will help you to get an idea of the big topic 'behavioural economics'.
"Behavioural economics study the effects of social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and the resource allocation. The fields are primarily concerned with the bounds of rationality of economic agents. Behavioural models typically integrate insights from psychology with microeconomic theory; in so doing, these behavioural models cover a range of concepts, methods, and fields.
The study of behavioural economics includes how market decisions are made and the mechanisms that drive public choice."
Are we in control of our own decisions?
"Behavioral economist Dan Ariely, the author of Predictably Irrational, uses classic visual illusions and his own counterintuitive (and sometimes shocking) research findings to show how we're not as rational as we think when we make decisions."
Sources:
edrants.com
http://www.ted.com/talks/dan_ariely_asks_are_we_in_control_of_our_own_decisions
http://www.boston.com/bostonglobe/ideas/brainiac/2010/12/dan_ariely_expl.html
http://danariely.com/
http://en.wikipedia.org/wiki/Behavioral_economics