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|Behavioral economics is about understanding economic behavior and its consequences. It’s about understanding why someone buys a hotdog Chris Archer Rays Jersey , goes to work, saves for retirement, gives to charity, gets a qualification, sells an old car, gambles on a horse race Alex Cobb Rays Jersey , cannot quit smoking, etc. It’s also about understanding whether people make good or bad choices, and could be helped to make better choices. At the core of behavioral economics is the conviction that increasing the realism of the psychological underpinnings of economic analysis will improve the field of economics on its own terms – generating theoretical insights, making between predictions of filed phenomena, and suggesting better policy.
Significance Of Behavioral Economics
On a general level, one of the pioneers of behavioral economics Adeiny Hechavarria Rays Jersey , Herbert Simon, distinguishes behavioral economics from contemporary economic theory largely in terms of the analytical significance of behavioral assumptions o the construction of economic theory. As opposed to neoclassical economics, which assumes that the realism of behavioral assumptions are of no analytical consequences, in behavioral economics the realism of behavioral assumptions can be of fundamental analytical importance. Behavioral economics is therefore distinguished by its efforts to test the empirical validity of a theory’s behavioral assumptions and to determine the analytical and policy-related significance of introducing more realistic assumptions into standard theories.
Contributors To Behavioral Economics
Finance is the part of economics where behavioral economics has made the contributions. There are two factors that contributed to the success of behavioral economics. First, in general, the efficient market hypothesis that generated sharp and predictions about observable phenomena. Second Authentic Wilson Ramos Jersey , high quality data that available to test sharp predictions. Comparing the contribution of behavioral economics with that of social sciences more generally it is concluded that behavioral economics offers a framework within which these areas can be examined and, indeed, may be a useful channel generally to add the contributions of other social sciences to mainstream economic research.
Behavioral economics, with its extensions into social psychology, neurology and anthropology, integrates a range of formal disciplines into the realm of economics. In this regard economics is no different from other professions Authentic Wade Boggs Jersey , such as engineering and medicine, which draw on a number of basic scientific disciplines and which integrate techniques of inductive and deductive analysis in practical problem-solving. Economics has always had an empirical base; the argument that behavioral economics undermines “standard” economics is a straw man: no-one ever seriously claimed the existence of homo economics. Behavioral economics brings more explanatory power to this empirical base, and, in so doing, gives more robust guidance for public policy, as we are already witnessing in areas such as gambling and retirement saving. It should also help guide public policy for other issues requiring attention. "
SYDNEY Authentic Trevor Plouffe Jersey , March 5 (Xinhua) -- Australian Federal Police swooped on properties across Sydney on Thursday and arrested six men alleged to have imported 230 km of illegal drug worth 122 million U.S. dollars.
Police said a joint operation between authorities in Australia and Columbia had netted a combined total of more than half a ton of methamphetamine and cocaine from the international drug cartel.
The 230 km of liquid methamphetamine was found in a shipment of 20,000 lemonade bottles in Sydney on December 21.
Police then traced the intended recipients, and on Thursday arrested six men in the Sydney area.
On January 21 police in Bogota, Colombia, seized 243 km of cocaine concealed in cardboard boxes destined for Europe.
Police in both countries claim the same syndicate responsible was responsible for importing the contaminated lemonade into Australia.
KIEV, Sept. 27 (Xinhua) -- At least two people were injured and about 30 Authentic Steven Souza Jersey ,000 others have been evacuated after a series of explosions ripped through a major military warehouse in Ukraine's central Vinnytsya region, the State Service for Emergencies said in a statement on Wednesday.
The blasts, which started late Tuesday at the arms storage facility near the town of Kalynivka, some 250 km southwest of capital Kiev, have continued into Wednesday noon.
More than 700 rescuers, mine clearance experts Authentic Sergio Romo Jersey , firefighters and medical workers are working at the site to cope with the disaster and provide support to the evacuation effort.
According to Vinnytsya regional administration, two women injured in the blasts are out of danger.
The country's air traffic regulator Ukraerorukh closed the airspace in the 50-km radius around the site of the blasts. The electricity and gas supplies to the affected area have also been stopped.
Ukrainian Prime Minister Volodymyr Groysman, who arrived in Vinnytsya city following the blast, said the government has allocated 3.8 million U.S. dollars for the relief efforts of the disaster.
According to local media, the warehouse contains about 188,000 tons of army ammunition. The cause of the blasts is still under investigation.
The explosions marked a third such incident in Ukraine this year Authentic Matt Duffy Jersey , with the previous two blasts in ammunition depots, respectively in Donetsk region in March and Kharkov region earlier this month.
Xi says international community must cooperate on global security
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