2015•The Wiley Blackwell Encyclopedia of Consumption and Consumer StudiesRequires access

Behavioral Economics and Consumption

Lucia A. Reisch, Cass Robert Sunstein

Abstract

Behavioral economics explores why people sometimes fail to make rational decisions, and how their behavior departs from the predictions of standard economic models. Insights gained from studies in behavioral economics are used in consumer research and consumer policy to understand and improve individuals' decisions about health, wealth, and happiness.

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Key concepts: Happiness, Behavioral economics, Behavioural economics, Economics, Consumption (sociology), Consumer economics, Public economics, Consumer behaviour