The evolution of behavioral economics
DOI:
https://doi.org/10.61173/dnsnx491Keywords:
Behavioral economics, Misleading information, Classical economics, Adam SmithAbstract
Decisions can be impacted by various biases and misleading information. Classical economics, as suggested by Adam Smith, posits that everyone behaves rationally during economic activities to satisfy their best interest and utility. However, in reality, we may make decisions emotionally, whether ordering in a restaurant or investing in the stock market. In this context, behavioral economics began to emerge in the world of economics.
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