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Behavioural Economics as a New Trend in Economics – An Overview (Ekonomia behawioraln jako nowy nurt ekonomii - zarys problemtyki)

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  • Tomasz Zalega

    (Katedra Gospodarki Narodowej, Wydzial Zarzadzania Uniwersytetu Warszawskiego)

Abstract

Behavioural economics is a fast developing field in modern economics and is associated with empirical and experimental studies. A distinct characteristic of behavioural economics is its multidisciplinary nature. The observation of subjects requires psychological and sociological research, and, in order to define behavioural theories, it is necessary to integrate the knowledge developed within social sciences. Hence, economists must not only extend their area of interest, but also abandon the assumption about rational individuals. Behavioural economics thus goes beyond the narrow limits imposed by the homo oeconomicus concept. This article aims to present the achievements of behavioural economics. The issues presented in this study do not describe the whole range of behavioural economics, but only refer to selected elements. The first part focuses on the relationship between economics and psychology, and the origins, concept and characteristics of behavioural economics. Further, the most important objections against the behavioural approach to economics are discussed, together with behaviourism in other trends in economics. Finally, major conclusions end this study.

Suggested Citation

  • Tomasz Zalega, 2015. "Behavioural Economics as a New Trend in Economics – An Overview (Ekonomia behawioraln jako nowy nurt ekonomii - zarys problemtyki)," Research Reports, University of Warsaw, Faculty of Management, vol. 1(18), pages 7-25.
    • Handle: RePEc:sgm:resrep:v:1:i:18:y:2015:p:7-25
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    References listed on IDEAS

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    More about this item

    Keywords

    behavioural economics; behaviourism; psychology of decisions; choice; homo economicus; evolutionary economics; experimental economics; neuroeconomics; behavioural macroeconomics; behavioural finance; neuroaccounting;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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