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→Examples
Traditional economic models would not predict that a person would return a lost wallet or leave a tip at a restaurant he or she doesn't expect to visit again. This is because traditional economic models do not take into account human [[morality]] or altruism.
Traditional economic models would not predict that a person would return a lost wallet or leave a tip at a restaurant he or she doesn't expect to visit again. This is because traditional economic models do not take into account human [[morality]] or altruism.
Another example is if a wide segment of society, accurately or inaccurately believe a [[recession]] is imminent and reduce their personnel spending on retail goods and services, the result can actually cause a contraction in retail sales and the service sector, leading to a recession whether the information that caused them to make decisions to reduce their personnel spending was true or not.
Another example is if a wide segment of society, accurately or inaccurately, believe a [[recession]] is imminent and reduce their personnel spending on retail goods and services, the result can actually cause a contraction in retail sales and the service sector, leading to a recession whether the information that caused them to make decisions to reduce their personnel spending was true or not.
==Popular Behavioral Economics Books==
==Popular Behavioral Economics Books==