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Behavioural Economics Assignment: Business Consumer Decision-Making & Consumer Surplus

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  • Mai, Nhat Chi

Abstract

Task: Behavioural Economics Assignment task: Essay “A nudge in the right direction?” Behavioural economists study how people’s buying, selling and other behaviour responds to various incentives and social situations. They don’t accept the simplistic notion that people are always rational maximisers. As the Livemint article (2016) states, “According to behavioural economists, the human brain neither has the time nor the ability to process all the information involved in decision making, as assumed by the rational model.” Instead, rationality is bounded: people use simple rules of thumb in making decisions – rules they have developed over time in the light of experience.

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  • Mai, Nhat Chi, 2022. "Behavioural Economics Assignment: Business Consumer Decision-Making & Consumer Surplus," OSF Preprints 4jrc8, Center for Open Science.
  • Handle: RePEc:osf:osfxxx:4jrc8
    DOI: 10.31219/osf.io/4jrc8
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    References listed on IDEAS

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    8. Mozaffar Qizilbash, 2021. "Reconciling the liberal tradition in normative economics with the findings of behavioural economics: on J.S. Mill, libertarian paternalism and Robert Sugden’s The Community of Advantage," Journal of Economic Methodology, Taylor & Francis Journals, vol. 28(4), pages 409-418, October.
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