Contribution Of Behavioral Economics To The
Contribution of behavioral economics to the
understanding between income and happiness
by Kanchiny Ramachandran
It has been accepted that traditional economic modeling is no longer accurate, especially in measuring an individual’s happiness, as studies have shown that other factors rather than income also play a big role in an individual’s happiness. New better models that incorporate links between economics, sociology, and psychology have been developed in order to better understand consumer choice. One of these models are aptly named “Behavioral Economics,” as it attempts to provide better understanding of economic decisions by applying psychological principles of individual behavior to economics. Though it may not provide all the solutions to all economic phenomena, it provides more insight to the relationship between income, happiness, and the reasons behinds an individual’s economic decision.
Behavioral Economics is defined as the “combination of psychology and......
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Approximate Word Count: 802
Approximate Pages: 4 (250 words per double-spaced page)
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