Behavioral Economics

Learn about Behavioral Economics with iMinds insightful knowledge series.

According to most economics textbooks, human beings are super-rational creatures who know what is in their own best interests and always act accordingly. When making a decision to buy something, the rational consumer will evaluate all the possible alternatives before making a purchase, having already conducted research on the state of the market. They would not buy something on the spur of the moment, or on the recommendation of a friend.  Nor would a rational consumer be unduly influenced by advertising or a brand name in making purchasing decisions. This explanation of human behavior is known as the rational agent model.  Sound realistic?

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