Asked by Rafaiel Ghazaryan on Apr 28, 2024
Verified
Behavioral economics uses insights from both psychology and economics.
Behavioral Economics
is a field of economics that studies how psychological, emotional, cultural, and social factors affect economic decisions of individuals and institutions.
Psychology
The scientific study of the human mind and its functions, especially those affecting behavior in a given context.
- Identify the use of behavioral economics in analyzing consumer decisions.
Verified Answer
SJ
suman jakhuApr 28, 2024
Final Answer :
True
Explanation :
Behavioral economics integrates insights from psychology, including cognitive biases and social influences, with traditional economic theories to better understand decision-making processes.
Learning Objectives
- Identify the use of behavioral economics in analyzing consumer decisions.
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