Chenglong Li 2something 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)NameWorksAwardsGeorge ArkelofTheory of Asymmetrical Information and 1970 paper ‘’Market for Lemons’’ 2001 Nobel Memorial Prize for Economic SciencesNava AshrafBehavioral Economics for International DevelopmentOrder of British ColumbiaDan Ariely The human cognitive behavior underlying behavioral economicsVarious awardsAdam SmithThe Wealth of NationsWidely regarded as the father of Modern Economics, portrait has been printed on several bank notesJohn HicksPioneer of the economic theory and the welfare theoryNobel Peace Prize[ CITATION Besnd \l 1033 ]Current state of behavioral economicsMore 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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