Behavioral economics is a field of business that studies the impact of human behavior on traditional economic theory. In behavioral economics both the study of psychology and economics are combined to allow business owners, marketers and policymakers in decision making. With the help of behavioral economics, businesses can understand why consumers buy products and services that do not meet their best interests. Behavioral economics is a major part of economics offered by many educational institutes as a specialization. To understand more about the topic, you can connect with experts and seek do my assignment for me services. These have economics experts who can provide you with proper studying materials on the topic. Once you decide to get help from them, you will no longer have to stress about learning the subject efficiently.

Like any other branch of economics, behavioral economics also has a motive towards businesses. It mainly aims to help different businesses, organizations and economists to understand why customers have specific purchasing choices that go against rational thinking. If you own any business behavioral economics will help you in marketing and sales and to make business decisions that positively influence a customer’s buying decisions. Similarly, policymakers use behavioral economics to introduce policies that boost customers to make buying decisions but do not force them.

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What are the three primary behavioral economics themes?

Behavioral economics contains three primary themes that are heuristics, framing and market inefficiencies. Sometimes economics course assignments are also given on these topics. Students belonging to the USA can get help from online do my assignment for me USA. They can completely write your assignments with informative and plagiarism-free content. Since many students face problems in delivering plagiarism-free assignments. They make sure that your assignments are checked through a reliable plagiarism website.

Heuristics

Herbert Simon is a behavioral economist who stated that when humans face complex decisions, they resort to heuristics. Heuristics is an economic concept that proposes that humans make most of their decisions using mental shortcuts so that they can make quick decisions. Instead of rational or optimal reasoning, humans believe taking mental shortcuts can easily solve their problems. For instance, many people think that buying any product in bulk costs less, even though buying something in bulk does not always lower the price. This shows how customers set a belief on a concept that has been true before it really works, causing them to buy in bulk even when it is less cost-efficient.

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Framing

Framing is a concept of psychology that says that individuals make decisions depending on the options presented to them with positive and negative connotations. In a framing effect, consumers can avoid risk when a positive frame is allowed. On the other hand, they are more likely to accept risk when a negative frame is allowed. The effect of framing is one of the strongest factors of decision making and that is why understanding it is more important.

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Market inefficiencies

Market inefficiencies are another theme of behavioral economics that studies mispricing and selection bias. These relate to non-rational economic decision-making.

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To conclude, behavioral economics is a subject that includes an understanding of both psychology and economics. If you are interested in learning about the psychological factors of economics, behavioral economics is a good field of study.