Behavioral Economics ... in a nutshell"The best way to think about behavioral economics is in contrast to standard economics. In standard economics, we think — we assume —...
Systems 1 & 2Psychologist Daniel Kahneman is considered one of the "godfathers of behavioral economics". Awarded the Nobel Prize in Economics in 2002,...
Heuristics (mental shortcuts)Numerous hidden factors influence the decisions that people make. These hidden factors, also known as heuristics, refer to the mental...
Cognitive BiasesIn the 1970's, Daniel Kahneman and Amos Tversky introduced the idea of cognitive biases. These biases describe the systematic, but...
What's a Nudge?The word nudge has come to mean: "An intervention that gently steers individuals towards a desired action." According to Richard Thaler...
More Behavioral Science ConceptsThere are numerous concepts in behavioral economics and they don't always fit neatly together. Some additional important concepts,...
