Behavioral Economics

Behavioral economics has revolutionized economics by recognizing that people are not as cold and calculating as traditionally assumed, and has applied ideas such as mental accounting, prospect theory, present bias, inequality aversion, and learning to diverse settings. This textbook introduces key results and insights to a student audience, and applies them to show why behavioral economics is crucial to understanding the world around us. The new edition contains expanded and updated coverage of topics and applications, and the companion website is updated with new questions and worked examples.

Format: Hardback
Length: 578 pages
Publication date: 22 January 2024
Publisher: Taylor & Francis Ltd

Behavioral economics has undergone a remarkable transformation in recent decades, reclaiming the human element and challenging the traditional notion of economics as a cold and calculating discipline. By recognizing that individuals possess nuanced motivations, make errors, and exhibit empathy, behavioral economics has shed light on a wide range of economic behaviors. The outcomes have been both exhilarating and captivating, fundamentally altering our understanding of economic decision-making.

This textbook serves as an accessible introduction to behavioral economics for students. It delves into fundamental concepts such as mental accounting, prospect theory, present bias, inequality aversion, and learning. These ideas are applied in diverse settings, including auctions, stock market crashes, charitable donations, and healthcare, to illustrate their relevance and impact. Additionally, the book explores the factors that contribute to human happiness and offers insights into how we can foster greater well-being.

In this updated edition, the coverage has been expanded and revised to include emerging topics and applications. The book now includes expanded discussions on fraud and cybercrime, cryptocurrency, public health messaging, and the COVID-19 pandemic. The companion website offers additional resources, including new questions and worked examples, to enhance the learning experience.

Designed for advanced undergraduate and graduate students, this book remains a comprehensive and engaging introduction to behavioral economics. It equips students with the tools and knowledge necessary to understand and analyze economic behavior from a humanistic perspective, enabling them to make more informed decisions and contribute to a more equitable and prosperous society.

Weight: 1290g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032414126
Edition number: 4 ed