Behavioral economics and neuroeconomics as economics concepts for the better future

Milenkovski, Bozidar and Markovska, Monika (2020) Behavioral economics and neuroeconomics as economics concepts for the better future. International Scientific Conference “Towards a Better Future: Human rights, Organized crime and Digital society, Vo. 2 (1). pp. 273-277. ISSN 978-608-4670-15-5 (V. 2)

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Standard economic theory is based on rational individuals called Homo Economicus. Practically, all forms of human behavior, according to the standard economic model, are considered to give an accurate and realistic description of the world. For example, the decision-making process and the various options that come with it, people first reduce them to a common value such as money, and then compare and choose the one with the highest estimated benefit. But in a reality, there are number of situations in which individuals do not adhere to the assumptions of optimal economic behavior. Behavioral economics and neuroeconomics have emerged as a result of such situations. In that context, this paper will consider the concepts of behavioral economics and neuroeconomics as relatively new, innovative and interdisciplinary areas that combine economics, psychology and neurology. These concepts are used better to understand the nature of people’s suboptimal and irrational economic decisions.

Item Type: Article
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Scientific Fields (Frascati) > Social Sciences > Law
Divisions: Faculty of Information and Communication Technologies
Depositing User: Prof. d-r. Monika Markovska
Date Deposited: 12 Dec 2020 18:27
Last Modified: 12 Dec 2020 18:27

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