Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the ...

Behavioral economics combines information about human behavior and outcomes with more standard methods of economic analysis. Behavioral economics has been applied in various contexts such as ...

Behavioral economics provides a framework to understand when and how people make mistakes. The new field of behavioral economics blends insights of psychology and economics, and provides some valuable ...

Over the last 10 years, Behavioral Economics (BE) has become increasingly popular (see Google Trends chart below). According to BE, people’s economic decisions are often less guided by stable ...

The long reach of life experience affects real-world economic outcomes, for policymakers and consumers alike On October 29, 1929, the roaring twenties came to a sudden close in the United States. In ...

It is a bit difficult to say what criteria should be used to judge the success or failure of a research initiative on the scale of merging psychology and economics. Two reasonable criteria, at least ...