10 Interesting Fact About Behavioral economics

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• Economics Behavior or Behavioral Economics combines psychology and economics.
• Economics Behavior discusses the impact of emotions and habits on economic decision making.
• One example of the application of economics behavior is an automatic pension program that makes it easy for employees to store pension funds.
• Confirmation Bias is the tendency of humans to find information that supports their own views.
• Brand effect is the tendency of humans to choose certain brands even though similar products with other brands are cheaper.
• The effect of understanding is the tendency of humans to consider information that is easily understood than complex information.
• The effect of the status quo is the tendency of humans to maintain the decisions they have made before.
• Low understanding effect is the tendency of humans to take risks in situations that they do not understand.
• Prospect Theory explains that humans feel more pressured by losses than profit.
• Economics Behavior can help the government in designing policies that are more effective and efficient.