Behavioral economics refers to the study of the effects of social, cognitive, and emotional factors on the economic decisions of individuals and institutions. Read more about behavioral economics and how it's different from traditional economics
in the Library of Economics and Liberty, and watch this video explaining behavioral economics
to get a better sense of the concept.
In his weekly podcast, Arming the Donkeys
, Dan Ariely chats with researchers in the social and natural sciences.
You can also watch him explore different aspects of behavioral economics in numerous TED talks, including: "Beware conflicts of interest
," "Are we in control of our own decisions
" and "Why we think it's OK to cheat and steal (sometimes)
Dan Ariely talks about using the Sisyphic condition in his experiments - read the Greek myth of Sisyphus
to understand the root of this term.