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date: 27 January 2022

Behavioral Decision Theory 

Source:
The Oxford Encyclopedia of Political Decision Making
Author(s):
Kazuhisa TakemuraKazuhisa Takemura

Behavioral decision theory examines the psychological underpinnings of human judgment, decision making, and behavior. Traditionally, normative decision theory has studied decision phenomena and has assumed the rationality of individuals and the concept of a “homo economics” that is capable of such rational decision making. An area known as “experimental economics” applies theoretical hypotheses on economic phenomena through experimentation in disciplines such as psychology. Concomitantly, behavioral economics, a discipline that inserts psychological insights into the study of economics, has spread since Daniel Kahneman received the Nobel Prize in Economics in ... ...

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