Glossary entry (derived from question below)
English term or phrase:
Behavioural economics
Norwegian translation:
Atferdsøkonomi
Feb 7, 2011 00:55
13 yrs ago
English term
behavioural economics
GBK
English to Norwegian
Bus/Financial
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 sentences:
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.)
Proposed translations
(Norwegian)
4 +2 | Atferdsøkonomi | Hege Jakobsen Lepri |
Change log
Feb 3, 2011 16:35: changed "Kudoz queue" from "In queue" to "Public"
Feb 7, 2011 00:55: changed "Stage" from "Preparation" to "Submission"
Feb 10, 2011 14:54: changed "Stage" from "Submission" to "Selection"
Feb 17, 2011 13:54:
Feb 18, 2011 11:54: changed "Stage" from "Selection" to "Completion"
Proposed translations
+2
3 days 17 hrs
Selected
Atferdsøkonomi
Definition from
Dagbladet:
Atferdsøkonomi er et nytt fag, der man blander innsikt i menneskelig psykologi med økonomiske vurderinger. Atferdsøkonomien er blant annet opptatt av å studere konsekvensene av at mange systematisk handler på tvers av antakelsene som ligger til grunn for tradisjonell økonomisk teori.
Example sentences:
«Nudge» er navnet på ei ny bok av atferdsøkonomen Richard Thaler og jusprofessoren Cass Sunstein. Den gir en innsikt i atferdsøkonomiens mange skjulte virkemidler. (Dagbladet)
Formålet med atferdsøkonomien er å øke forståelsen av de forholdene som påvirker menneskelig oppførsel. (Vagant)
Peer comment(s):
agree |
Bjørnar Magnussen
6 days
|
ikke mange av oss som faktisk går inn og gir tilbakemeldinger på disse spørsmålene som skal være "glossary-building", så takk for det!
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agree |
Vedis Bjørndal
: http://paraplyen.nhh.no/paraplyen/pressemeldinger/disputas_a
7 days
|
4 KudoZ points awarded for this answer.
Discussion
The narrow and incorrect term category blocks a lot of us who are well qualified to answer from actually doing so...