1. Introduction
In his famous article “A Behavioral Model of Rational Choice” from 1955, Herbert Simon already called the concept of the Homo Economicus into question and explained:
“The concept of “economic man” is in need of fairly drastic revision. […] The task is to replace the global rationality of economic man with a kind of rational behavior that is compatible with the access to information and the computational capacities that are actually possessed by organisms exist. One is tempted to turn to the literature of psychology for the answer.”
Content
1. Introduction
2. Behavioral Economics
2.1 History
2.2 Definition
2.3 Experimental Economics and Neuroeconomics
3. Neoclassical Economics
3.1 Advantages of the Standard Economic Model
3.2 Criticism
4. Behavioral Economic Model
4.1 Principle 1: People are influenced by Other’s Behavior
4.1.1 Herding
4.1.2 Social Proof
4.2 Principle 2: Habits are important
4.2.1 Status Quo Bias
4.3 Principle 3: People can act altruistically
4.3.1 The Ultimatum Game
4.4 Principle 4: People’s Self-Expectations influence Behavior
4.4.1 Cognitive Dissonance
4.5 Principle 5: People are loss-averse
4.5.1 Endowment-Effect
4.5.2 Sunk-Cost Effect
4.6 Principle 6: People are bad at Computation when making Decisions
4.6.1 Salience
4.6.2 Hyperbolic Discounting
4.6.3 Framing
4.6.4 Intuition
4.7 Principle 7: People need to feel involved and effective to make a Change
4.7.1 Illusion of Control
4.7.2 Hindsight Bias
4.8 Résumé
5. Conclusion
6. Bibliography
7. Internet Sources
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