behavioural economics

Hindi translation: व्यवहारपरक अर्थशास्त्र

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English term or phrase:Behavioural economics
Hindi translation:व्यवहारपरक अर्थशास्त्र

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00:55 Feb 7, 2011
English to Hindi 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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व्यवहारपरक अर्थशास्त्र
Definition:
यह अर्थशास्त्र की वह शाखा है जिसमें निर्णय प्रक्रियाओं का विश्‍लेषण मनोविज्ञान के सिद्धांतों पर आधारित होता है।
Selected response from:

Suyash Suprabh
India
Grading comment
4 KudoZ points were awarded for this answer



Summary of translations provided
5 +3व्यवहारपरक अर्थशास्त्र
Suyash Suprabh


Discussion entries: 1





  

Translations offered


8 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +3
व्यवहारपरक अर्थशास्त्र


Definition from own experience or research:
यह अर्थशास्त्र की वह शाखा है जिसमें निर्णय प्रक्रियाओं का विश्‍लेषण मनोविज्ञान के सिद्धांतों पर आधारित होता है।

Example sentence(s):
  • व्यवहारपरक अर्थशास्त्र के सिद्धांतों से उपभोक्‍ताओं की रुचियाँ जानने में मदद मिलती है। - विकिपीडिया  

Explanation:
वैज्ञानिक तथा तकनीकी शब्दावली आयोग द्वारा प्रकाशित बृहत् पारिभाषिक शब्द संग्रह (मानविकी और सामाजिक विज्ञान) में 'Behavioural sciences' के लिए 'व्यवहारपरक विज्ञान' का प्रयोग हुआ है। मुझे सामाजिक विज्ञान के संदर्भ में 'Behavioural' के लिए 'व्यवहारपरक' पर्याय सही लग रहा है।
Suyash Suprabh
India
Local time: 17:38
Native speaker of: Native in HindiHindi
PRO pts in category: 4

Votes in favor of/against selecting this as the best translation of the term asked
Yes  C.M. Rawal: यह ठीक है
5 hrs

Yes  Romio Pradhan
14 hrs

Yes  Mohd Tariq: ठीक
28 days
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