How Biology Helps Shape Choice in Behavioral Economics
The field of behavioral economics is facing several challenges and opportunities this century; the discipline is trying to find its own identity and position within science and applications. This includes debates around behavioral economics’ most fundamental idea—the causes of human decision-making. Human biology has a more important role in shaping the choices we make than behavioral science theories recognize. UC Berkeley economist Ulrike Malmendier writes about Henry Wallich, who served as a governor of the US Federal Reserve System in the 1970s and 1980s. ….[READ]
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