24 February 2016
Behavioural Economics is one of the key terms related to the economic decision-making processes of individuals and institutions. It is a widely belief that people are rational, fully aware of options; they always rank their preferences and choose the best option they like. However, it’s not always true. Behavioral Economics studies, thus explore why people sometimes make irrational decisions, and why and how their behaviors do not follow the predictions of economic models. In a 90-minute session, Mr. Simanta spoke to the students to help them understand what Behavioural Economics is, its importance and application in the real-life businesses.