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A Different Perspective On Development Economics: Behavioral Development Economics

Author

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  • Veysel Karagöl

    (Anadolu Universitesi, İktisadi ve İdari Bilimler Fakultesi, İktisat Bölumu)

Abstract

Behavioral development economics reviews economic events from different perspective than conventional approaches of development economics. Based on theoretical background of behavioral economics, this new approach incorporates human behaviors into traditional development economics. Behavioral development economics does not completely reject traditional approaches, but explains the obstacles to development and suggestions towards these with psychological factors. Humans have cognitive biases that affect their decision making processes, and these biases have stronger effects in those who are under the influence of underdevelopment. In order to perform successful development strategies, cognitive biases in human behavior need to be taken into account. It seems possible to improve cognitive biases with a well behavioral design. Moreover, these behavioral designs are expected to make great contributions to traditional development economics.

Suggested Citation

  • Veysel Karagöl, 2020. "A Different Perspective On Development Economics: Behavioral Development Economics," Ekonomi Maliye Isletme Dergisi, Adil AKINCI, vol. 3(1), pages 46-54, June.
    • Handle: RePEc:gnx:emid43:2020-3-1-751274
    DOI: 10.46737/emid.751274
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    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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