What is Behavioural Economics?

What is Behavioural Economics?

Understanding human behaviour is the key to better understanding outcomes and predictability. Peter provides an introduction to behavioural economics by discussing its importance, its focus, and how regulatory bodies utilise this relatively new area of study.
Overview

Behavioural economics studies how psychological, cognitive, emotional, cultural, and social factors impact economic decisions. Economics is increasingly waking up to the fact that understanding human behaviour is the key to better understanding outcomes and predictability. This understanding has given rise to the field of behavioural economics.

Key learning objectives:

  • Define Behavioral Economics

  • Explain why economics is not always systematic and predictable.

  • Understand the two focuses of behavioural economics

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