Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the ...

Clinicians who engage patients and family members in shared decision-making know that people don’t always make healthcare decisions based on what is rational. The irrationality of healthcare decisions ...

It is a bit difficult to say what criteria should be used to judge the success or failure of a research initiative on the scale of merging psychology and economics. Two reasonable criteria, at least ...

Behavioral economics helps investors understand irrational market behaviors and customer choices. Examples of behavioral economic theories include loss aversion and sunk-cost fallacy. Recognizing ...

As the column’s name suggests, Thaler set out to challenge standard economic thinking by testing economic anomalies—in other words, what happens when our irrational, some might say human, selves are ...

Behavioral economics explores the intersection of psychology and economic decision-making. It highlights cognitive biases, emotional influences, and social dynamics that shape individuals' actions.