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behavioural economics

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00:55 Feb 7, 2011
English to Albanian translations [PRO]
Bus/Financial - Economics
Additional field(s): Business/Commerce (general)
English term or phrase: behavioural economics
Definition from The Economist:
A branch of ECONOMICS that concentrates on explaining the economic decisions people make in practice, especially when these conflict with what conventional economic theory predicts they will do. Behaviourists try to augment or replace traditional ideas of economic rationality (homo economicus) with decision-making models borrowed from psychology. According to psychologists, people are disproportionately influenced by a fear of feeling regret and will often forgo benefits even to avoid only a small risk of feeling they have failed. They are also prone to cognitive dissonance, often holding on to a belief plainly at odds with new evidence, usually because the belief has been held and cherished for a long time. Then there is anchoring: people are often overly influenced by outside suggestion. People apparently also suffer from status quo bias: they are willing to take bigger gambles to maintain the status quo than they would be to acquire it in the first place. Traditional UTILITY theory assumes that people make individual decisions in the context of the big picture. But psychologists have found that they generally compartmentalise, often on superficial grounds. They then make choices about things in one particular mental compartment without taking account of the implications for things in other compartments. There is lots of evidence that people are persistently and irrationally overconfident. They are also vulnerable to hindsight bias: once something happens they overestimate the extent to which they could have predicted it. Many of these traits are captured in PROSPECT THEORY, which is at the heart of much of behavioural economics.

Example sentence(s):
  • Behavioral economics blossomed from the realization that neither point of view was correct. Library Economics Liberty
  • Behavioral economics explains why we procrastinate, buy, borrow, and grab chocolate on Harvard Magazine
  • Economics orthodoxy may look down on behavioral economics, but it's the most important development in economics in a long time. The Christian Science Monitor.
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RominaZ
RominaZ
Argentina


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Summary of translations provided
5Ekonomiksi i sjelljes
ΕRѴӀЅ ОЅНΑϜӀ


  

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8 hrs   confidence: Answerer confidence 5/5
Ekonomiksi i sjelljes


Definition from own experience or research:
Ekonomiksi i sjelljes merr në konsideratë faktorët socialë dhe emocionalë për të shpjeguar sjelljen e individëve ose kompanive në vendimet e tyre ekonomike. Është një teori që i ka fillesat e saj që në kohën e Adam Smithit dhe i bën një plotësim konceptit sipas të cilit individët dhe kompanitë marrin gjithmonë vendime racionale. Gjithashtu, ekonomiksi i sjelljes studiohet edhe si bashkëplotësues i teorisë së tregjeve efiçientë.

Example sentence(s):
  • Behavioral Economics is a theory of economics that attempts to explain economic participants' decisions as those of rational actors looking out for their self-interest given the sometimes inefficient nature of the market. - http://financial-dictionary.thefreedicti  
ΕRѴӀЅ ОЅНΑϜӀ
Albania
Local time: 02:05
Native speaker of: Native in AlbanianAlbanian
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