Relation of Behavioural Economics and Human Nature

DOI

10.2991/978-94-6463-036-7_80How to use a DOI?

Keywords

Behavioural Economics; Rational Decision Making; Suboptimal Choice; Predicting Human Nature; Bounded Rationality

Abstract

Theories in economics relates to understanding human activities in relation to prices, production, consumption and markets. Various laws of economics are based on assumptions like efficient markets and rational persons. Behavioral economics studies our day-to-day activities and identifies the reason behind the choices that we make and how we arrive at economic decisions. With the lens of behavioral economics, our inner biases, our consumption patterns and our decision-making approaches are understood. There is a strong relation of behavioral economics and human nature as theories of behavioral economics are created to study human nature in the context of economics. The purpose of this research paper is to study behavioral economics in context of Human nature and its relationship with human nature. The research methodology used in this study is descriptive research based on available journal articles and books based on this subject. Below are some of the aims and objectives of this research paper: To study the relation of behavioural economics and human nature. Application of behavioural approach in the field of economics and finance. Role of empirical data as well as conceptual formation in predicting human nature in behavioural economics. Contradiction between human nature and rational decision making. With the help of the literature related to this field, the relationship between behavioural economics and human nature is explained in this research paper.

Copyright

© 2022 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Keyi Qin
PY  - 2022
DA  - 2022/12/31
TI  - Relation of Behavioural Economics and Human Nature
BT  - Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
PB  - Atlantis Press
SP  - 541
EP  - 545
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-036-7_80
DO  - 10.2991/978-94-6463-036-7_80
ID  - Qin2022
ER  -