@article {
    orvium-6329af75c35a7214c10e71b1,
    title = "BOUNDED RATIONALITY AS THE BASIS OF THE ECONOMY BEHAVIORAL",
    abstract = "Behavioral economics is a fairly new field within science economics, which attempts to
explain human behavior from the point of view of social preferences and heuristics. He bases
his study on the processes of taking of decision by an individual, but unlike the model of
homo oeconomicus (an expression formulated by John Stuart Mill in the mid-19th century
as a useful idealization for the economic discipline) starts from a conception of rationality
limited individual (fallible and biased decisions). Advances in this discipline. They are
essentially nourished by field work and experiments in laboratories, as well as well as the
advances of other sister disciplines such as psychology, neuroscience, cognitive science,
etc. Behavioral and experimental economics were Nobel laureates in economics in 2002
awarded ex aequo to Daniel Kahneman and to Vernon Smith. Smith's experiments have
focused on the recreation of artificial markets with the participation of students
demonstrating that prices in these fictitious markets converge towards equilibrium. These
experiments focus currently on phenomena of collective irrationality, such as the formation
of bubbles. Kahneman has focused his studies on these phenomena, developing, together
with Amos Tversky the prospect theory, where the decision framework exerts an impact on
the assessment of potential gains and losses.",
    keywords = "Behavioral economics, experimental economics, bounded rationality, homo oeconomicus",
    author = "Manuel Rayo Quesada",
    year = "2022",
    language = "English",
    url = "https://dapp.orvium.io/deposits/6329af75c35a7214c10e71b1/view",
}