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Behavioral Economics, Public Policy, and Basic Decision-Making: A Critical Narrative

In: Constructing a More Scientific Economics

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  • Hugh Schwartz

Abstract

Behavioral economics (BE) assumes that what holds for average individuals provides good evidence for all entities. In truth, decision-making is often explained by underlying ideas and is manifested by actual behavior, that of organizations (including non-profits), as well as by that of individuals and enterprises. BE’s guidance should be not only how to avoid poor choices (as at present), but how to make decisions that enable individuals and enterprises to rise to the top, including those who are initial outliers. This chapter summarizes the heuristics and biases uncovered by economists and psychologists in their empirical work on decision-making and offers alternatives for determining the behavior of enterprise outliers and of organizations, including non-profits, that are successful and rise to the top.

Suggested Citation

  • Hugh Schwartz, 2022. "Behavioral Economics, Public Policy, and Basic Decision-Making: A Critical Narrative," Palgrave Advances in Behavioral Economics, in: Morris Altman (ed.), Constructing a More Scientific Economics, chapter 0, pages 297-307, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-3-030-83928-4_14
    DOI: 10.1007/978-3-030-83928-4_14
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