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behavioural economics

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00:57 Feb 7, 2011
English to Danish translations [PRO]
Bus/Financial - Economics
Additional field(s): Business/Commerce (general)
English term or phrase: behavioural economics
Definition from The Economist:
A branch of ECONOMICS that concentrates on explaining the economic decisions people make in practice, especially when these conflict with what conventional economic theory predicts they will do. Behaviourists try to augment or replace traditional ideas of economic rationality (homo economicus) with decision-making models borrowed from psychology. According to psychologists, people are disproportionately influenced by a fear of feeling regret and will often forgo benefits even to avoid only a small risk of feeling they have failed. They are also prone to cognitive dissonance, often holding on to a belief plainly at odds with new evidence, usually because the belief has been held and cherished for a long time. Then there is anchoring: people are often overly influenced by outside suggestion. People apparently also suffer from status quo bias: they are willing to take bigger gambles to maintain the status quo than they would be to acquire it in the first place. Traditional UTILITY theory assumes that people make individual decisions in the context of the big picture. But psychologists have found that they generally compartmentalise, often on superficial grounds. They then make choices about things in one particular mental compartment without taking account of the implications for things in other compartments. There is lots of evidence that people are persistently and irrationally overconfident. They are also vulnerable to hindsight bias: once something happens they overestimate the extent to which they could have predicted it. Many of these traits are captured in PROSPECT THEORY, which is at the heart of much of behavioural economics.

Example sentence(s):
  • Behavioral economics blossomed from the realization that neither point of view was correct. Library Economics Liberty
  • Behavioral economics explains why we procrastinate, buy, borrow, and grab chocolate on Harvard Magazine
  • Economics orthodoxy may look down on behavioral economics, but it's the most important development in economics in a long time. The Christian Science Monitor.
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This question was created by:
RominaZ
RominaZ
Argentina


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Summary of translations provided
5 +1adfærdsøkonomi
Charlotte Corty


  

Translations offered


6 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
adfærdsøkonomi


Definition from EU:
Adfærdsøkonomi er et studium i, hvilke beslutninger folk rent faktisk træffer i hverdagen. Adfærdsøkonomi udfordrer de hidtidige økonomiske teorier og tager udgangspunkt i videnskabelige undersøgelser i marken og eksperimenter, hvor de egentlige bevæggrunde for folks beslutninger undersøges. Det kan være med til at forklare, hvorfor folks adfærd ikke altid er egoistisk (de giver f.eks. penge til et godt formål), hvorfor de ikke altid handler på en økonomisk set logisk måde (de vil f.eks. hellere beholde et dyrere energiselskab end skifte til en billigere konkurrent), eller hvorfor de tillægger visse varer større værdi end andre af tilsvarende realværdi.

Example sentence(s):
  • Inspireret af de israelske socialpsykologer Amos Tversky og Daniel Kahneman begyndte Thaler at studere de forhold, der har betydning for, at mennesker opfører sig forskelligt i forskellige situationer på trods af, at de har de samme beløb og informationer til rådighed. På den måde blev økonomi og psykologi kombineret og den såkaldte adfærdsøkonomi (behavioral economics. red.) grundlagt. - Information  
Charlotte Corty
Local time: 13:32
Native speaker of: Native in DanishDanish
PRO pts in category: 4

Votes in favor of/against selecting this as the best translation of the term asked
Yes  rajagopalan sampatkumar: This is an accepted term for 'behavioural economics'. Similar expressions are 'adfærdsforskning' for behavioural reseach, 'adfærdsterapi' for behavioural therapy etc.
1 hr
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