I recently read this book. I found it very good. However, sometimes his explanations are long winded, which is why this reference is great.
Behavioral Economics is a fascinating field. It combines Psychology with Economics and can more accurately predict human behavior because it includes the Human factor.
Here's a sentence from another related book (Nudge) I'm currently reading on the difference between Economics and Behavioral Economics.
To qualify as Econs, people are not required to make perfect forecasts (that would require omniscience), but they are required to make unbiased forecasts. That is, the forecast can be wrong, but they can't be systematically wrong in a predictable direction.
In this book they use the term Econ to mean what a typical Economist thinks of an average person.
This is an emerging field of Social Science that has seen tremendous growth. As someone whose interested in both Psychology and Economics this is exciting to see.
Behavioral Economics is a fascinating field. It combines Psychology with Economics and can more accurately predict human behavior because it includes the Human factor.
Here's a sentence from another related book (Nudge) I'm currently reading on the difference between Economics and Behavioral Economics.
To qualify as Econs, people are not required to make perfect forecasts (that would require omniscience), but they are required to make unbiased forecasts. That is, the forecast can be wrong, but they can't be systematically wrong in a predictable direction.
In this book they use the term Econ to mean what a typical Economist thinks of an average person.
This is an emerging field of Social Science that has seen tremendous growth. As someone whose interested in both Psychology and Economics this is exciting to see.