The Evolution of Behavioral Economics Completed.docx

Chenglong li 2 something is relative rather than

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Chenglong Li 2 something is relative rather than absolute; people will enjoy both a product and the deal especially if they bargained hard. Leading figures in the school of thought (both behavioral and neo classical economics) Name Works Awards George Arkelof Theory of Asymmetrical Information and 1970 paper ‘’Market for Lemons’’ 2001 Nobel Memorial Prize for Economic Sciences Nava Ashraf Behavioral Economics for International Development Order of British Columbia Dan Ariely The human cognitive behavior underlying behavioral economics Various awards Adam Smith The Wealth of Nations Widely regarded as the father of Modern Economics, portrait has been printed on several bank notes John Hicks Pioneer of the economic theory and the welfare theory Nobel Peace Prize [ CITATION Besnd \l 1033 ] Current state of behavioral economics More than ever people have started developing a lot of interest in the field of behavioral economics. According to customer insightleader.com, the number of times the term behavioral economics has popped up in online searches has increased tremendously. The economics is still very relevant today and it has developed into further theories such as the prospect theory, the
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