Have you ever wondered why in our day-to-day experiences at times we may choose something over a more seemingly rational decision..like for instance, an employee may willingly forego a promotion to continue doing what he/she excels in?, why a satisfied customer defects to competition?
The answer lies in understanding human nature -- and that human beings do not always behave rationally.
This intrigued me and i wanted to gather some information on this subject- came across various remarkable studies done by Dan Ariely, Richard Thaler, Daniel Goleman
Behavioral Economics as a discipline assumes people are irrational even though it is not against classical economics..it attempts to collaborate with classical economics..it is planned psychology in the classical eonomics
Economics does not encompass everything, we need to look beyond.. in a broader perspective, we need to analyse human nature- that is what we are..!!
Thus, Behavioral Economics experiments, what we are good at when we are actually irrational, it is about accepting certain facts that we certainly do get easily confused-human conditioning is such that, we make mistakes, we are vindictive,we just can't think about the future.. but recognizing where we fall short..is the promise of behavioral economics
In addition, to such studies i came across a very interesting concept by Daniel Goleman..it's an evolving concept which talks of an entirely new science of human relationships..one interesting study is about how humans connect with the 'brains' of other human beings and our eyes act as catalysts.. :)
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