Decision theory is a cornerstone of economic analysis, providing a framework for understanding how individuals and institutions make choices under conditions of uncertainty and risk. At its core, the ...

Behavioral economics uses an understanding of human psychology to account for why people deviate from rational action when they’re making decisions. In the model of rational action assumed by ...

Learn about the life and works of James M. Buchanan, a Nobel Prize-winning economist and pioneer of public choice theory and ...

Behavioral economics combines information about human behavior and outcomes with more standard methods of economic analysis. Behavioral economics has been applied in various contexts such as ...

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that ...

Visit NAP.edu/10766 to get more information about this book, to buy it in print, or to download it as a free PDF. Behavioral economics has had a growing influence on public policy over the past ...