Behavioral Economics: Understanding the Psychological Factors Driving Economic Decisions

Authors

  • Dr. Irfan Nooruddin University of Sargodha

DOI:

https://doi.org/10.63075/pjssr.v2i1.12

Keywords:

Behavioral economics, decision-making, cognitive biases, heuristics, bounded rationality, nudges, public policy, economic models, rational choice theory

Abstract

While traditional economics assumes that individuals make rational choices based on perfect knowledge and self-interest, behavioral economics challenges this assumption by incorporating insights from psychology. This article explores the field of behavioral economics, examining the psychological factors that influence economic decision-making and their implications for individual behavior, market outcomes, and public policy.

Downloads

Published

2023-06-30

How to Cite

Dr. Irfan Nooruddin. (2023). Behavioral Economics: Understanding the Psychological Factors Driving Economic Decisions. Policy Journal of Social Science Review, 2(1), 10–18. https://doi.org/10.63075/pjssr.v2i1.12

Issue

Vol. 2 No. 1 (2024): Policy Journal of Social Science Review

Section

Articles