What is behavioural economics?

After US academic Richard Thaler wins Nobel prize in economics for pioneering work, we take a closer look at his field of study

• Richard Thaler wins Nobel prize in economics

Behavioural economics incorporates the study of psychology into the analysis of decision-making behind an economic outcome – such as the factors leading up to a consumer buying one product instead of another.

The US academic Richard Thaler was awarded the Nobel prize in economics for his pioneering work in this field on Monday. The Royal Swedish Academy of Sciences, which awarded the £845,000 prize, praised Thaler for incorporating psychological assumptions into analyses of economic decision-making.

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from World news | The Guardian http://ift.tt/2y9ZOHf

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