What is Behavioral economics?
'''Behavioral economics''' is a part of [[economics]] that combines what we know about [[psychology]] with what we know about economics.<ref>{{Cite web|last=BehavioralEconomics.com|date=2024-08-27|title=An Introduction to Behavioral Economics|url=https://www.behavioraleconomics.com/resources/introduction-behavioral-economics/|access-date=2024-10-23|website=BehavioralEconomics.com {{!}} The BE Hub|language=en-US}}</ref><ref>{{Cite web|last=|date=2023-07-21|title=Introduction to Behavioural Economics|url=https://converted.co.uk/introduction-to-behavioural-economics-what-it-is-and-why-it-matters/|access-date=2024-10-23|website=|language=en-US}}</ref><ref>{{Cite web|title=What is behavioral economics? {{!}} University of Chicago News|url=https://news.uchicago.edu/explainer/what-is-behavioral-economics|access-date=2024-10-23|website=news.uchicago.edu|language=en}}</ref> Normally, economics does not consider the way [[human]]<nowiki/>s actually think, but instead, simplifies [[decision-making]] to make [[economic models]] easier to understand. This is not a complete picture of how the world, and economics, really works. Normally, economists assume people are [[Rationalism|rational]], meaning they make good decisions at the right times using all information. In real life, people do not do this. They have problems with self-control, problems with time, and make different choices depending on how decisions are presented to them.<ref name=Thaler>{{cite journal |last=Thaler |first=Richard |author2= Cass Sunstein |title=Libertarian Paternalism |journal= American Economic Review |date=2003|volume=93 |issue=2 |pages=175–179 |doi=10.1257/000282803321947001 |s2cid=18048346 |url=http://nrs.harvard.edu/urn-3:HUL.InstRepos:12876718 }}</ref> Behavioral economists look at the world given problems and limitations that result when real humans are faced with decisions.<ref>{{cite journal |last=Sendhil |first= Mullainathan |author2=Richard Thaler |title= Behavioral Economics and Marketing in Aid of Decision Making among the Poor|url=htt