How Behavioral Economics Disrupts Classic Utility Maximization

Wed, 13 Nov 2024 05:07:20 +0000

Behavioral economics is changing economists' viewpoints regarding decision-making, challenging the traditional model of utility maximization that has continued to rule economic theories for many years. This article briefly explores why and how behavioral economics is disrupting the traditional utility maximization model. It will assist economics students to understand the topic better, and most importantly for those students who are looking for economics homework help or researching more on behavioral economics topics and their impact on utility maximization.