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Academic Journal of Business & Management, 2024, 6(3); doi: 10.25236/AJBM.2024.060306.

An Overview of Behavioral Economics


Chen Yaolu

Corresponding Author:
Chen Yaolu

School of Management and Economics, Guangxi Normal University, Guilin, China


Behavioral economics is an interdisciplinary discipline that integrates psychology, sociology and mainstream economic theory, focusing on the study of irrational human behavior in economic activities. The emergence of this discipline is partly due to the limitations of traditional economic theories in explaining certain real economic phenomena, especially those seemingly "irrational" behaviors. In order to fill this theoretical gap, some forward-looking economists have begun to introduce the findings of psychology and sociology to explore the various factors that influence people's economic decisions, including cognitive biases, emotional influences, social norms and psychological drives. The development of behavioral economics has not only enriched the theoretical system of economics and provided a more realistic model for explaining economic behavior, but also provided new perspectives and tools for economic policy making and market analysis. Through in-depth investigation of human "irrational" behavior, behavioral economics emphasizes the complexity of human nature in the process of economic decision-making and promotes the transformation of economics into a more comprehensive and humane development.


Behavioral economics; economists; irrationality; preferences

Cite This Paper

Chen Yaolu. An Overview of Behavioral Economics. Academic Journal of Business & Management (2024) Vol. 6, Issue 3: 54-58. https://doi.org/10.25236/AJBM.2024.060306.


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