The goal of behavioral economics is to explain human action in terms of ________ rather than ________.

Question

Quizplus · Accepted Answer

Behavioral economics aims to understand and explain human behavior through observations and experiments, rather than relying solely on theoretical assumptions. It emphasizes the importance of real-world data and empirical evidence in understanding how people make decisions and behave in different situations. Profit maximization and optimization are not the main concerns of behavioral economics, which is more concerned with how people actually make choices and interact in the real world.

The Goal of Behavioral Economics Is to Explain Human Action