Date created: | Last Updated:

Category: Project

Description: Modern behavioral economics is a natural progression of the neoclassical standard economics of the 1980. It applies insights from neighboring social and behavioral sciences to improve predictions on behavioral change and to identify supposedly irrelevant factors that, if considered, will lead to better policy measures. Modern behavioral economics approaches are applied in all fields of economics, both in science and policy. Its success indicates a convergence of behavioral economics and current standard economics.