Recently, I had the great privilege of interviewing Michael Walman, professor of management and economics at Cornell, who shared with me his own personal journey and research papers he has written, ...

Right now, molecules in the air are moving around you in chaotic and unpredictable ways. To make sense of such systems, physicists use a law known as the Boltzmann distribution, which, rather than ...

[This article is the introduction to Rationality, Psychology and Capitalism: Defending Economic Theory From Behavioral Imperialism by former Mises Summer Fellow Arkadiusz Sieroń. The full book is ...

The field of behavioral economics is facing several challenges and opportunities this century; the discipline is trying to find its own identity and position within science and applications. This ...

Behavioral economics studies how psychological tendencies influence economic decisions and outcomes. Concepts such as loss aversion and bounded rationality explain why people evaluate outcomes ...

Ever bought a monthly gym membership thinking it would make you go more often? Or chosen a health insurance policy with a lower deductible, even though the premium was much higher? You’re not alone – ...

As the column’s name suggests, Thaler set out to challenge standard economic thinking by testing economic anomalies—in other words, what happens when our irrational, some might say human, selves are ...

It is a bit difficult to say what criteria should be used to judge the success or failure of a research initiative on the scale of merging psychology and economics. Two reasonable criteria, at least ...

Behavioral economics helps investors understand irrational market behaviors and customer choices. Examples of behavioral economic theories include loss aversion and sunk-cost fallacy. Recognizing ...

・Why do I feel like buying a product at the supermarket just because it says 'Only 3 left'? ・When a child is praised for a test, they try harder next time. ・I avoid making comments in meetings that ...

Government analysts have long questioned consumers' ability to value fuel economy accurately. But that may be changing as the EPA's proposed repeal of greenhouse gas standards is leading to a ...