Which statement is correct, in relation to behavioural economics?

Question

BlackTom AI · Accepted Answer

The question asks which statement is correct regarding behavioural economics. At the outset, there are no answer options provided to compare against, so evaluating multiple alternatives directly is not possible. Despite this, we can address the content of the given correct-answer line and explain why it aligns with behavioural economics concepts.

The stated option is: 'Behavioural economics theories are based around the assumption that human beings are motivated by psychological, social and emotional factors.' This reflects a core idea of behavioural economics: it moves beyond purely rational models of decision making and incorporates how real people think, feel, and are influenced by others. Psychological factors include biases, heuristics, and cognitive limits; social factors cover norms, peer effects, and cultural context; emotional factors encompass feelings that can sway choices, risk perceptions, and preferences. Together, these elements explain deviations from classical rationality and help understand actual consumer and investor behavior in economic settings.

Why this is consistent with behavioural economics: it emphasizes that decisions are not made in a vacuum of perfect logic, but within a social and emotional context shaped by cognitive processes. This contrasts with traditional economic theories that often assume purely rational agents maximizing utility. By acknowledging psychological, social, and emotional drivers, behavioural economics provides more accurate models of behavior in real-world situations, such as how framing, defaults, or social proof influence choices.

If there were other options, we would assess them by checking whether they incorrectly claim that decisions are entirely rational, solely determined by financial incentives, or independent of social influences and emotions. Those would contrast with the behavioural economics perspective and thus be incorrect.

In summary, the provided statement captures a foundational stance of behavioural economics by recognizing that decisions arise from an interplay of psychological, social, and emotional factors, which collectively shape economic behavior.

Which statement is correct, in relation to behavioural economics?

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