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Behavioral Economics: New Dimension in Understanding the Real Economic Behavior

Behavioral Economics: New Dimension in Understanding the Real Economic Behavior
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Author(s): Miloš Krstić (Faculty of Science and Mathematics, University of Niš, Serbia) and Nebojša Pavlović (Faculty of Hotel and Tourism, University Kragujevac, Serbia)
Copyright: 2020
Pages: 18
Source title: Handbook of Research on Sustainable Supply Chain Management for the Global Economy
Source Author(s)/Editor(s): Ulas Akkucuk (Boğaziçi University, Turkey)
DOI: 10.4018/978-1-7998-4601-7.ch015

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Abstract

The idea of the significance of the psychological dimension of human behavior is not new and has existed in the social sciences since ancient times. Accordingly, there is an endeavor to place economic analysis on the foundations of psychological research, which takes its form of expression in economic theory through the affirmation of behavioral economics. The aim of this chapter is to critically analyze various normative research programs in behavioral economics and to consider the importance of alternative concepts, models, and theories from the point of view of improving understanding of real economic and social behavior. The particular value of this chapter lies in affirming the importance of a program of behavioral economics known as new paternalism, which is based on challenging the concept of maximizing rationality and opens a new dimension of understanding the justification of state interference in the sphere of economy and society.

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