Behavioural and Neuroeconomics

It inculcates the study of psychology into the analysis of an economic outcome. This branch of economics assesses the psychological aspect behind economic decisions such as the factors leading up to a consumer buying one product instead of another and challenges the age-old belief that economic outcomes are solely based on rational choices. Unlike classical economics, in which decision-making is entirely based on cold-headed logic, behavioural economics dives into not-so rational behaviours and choices to understand why this may be the case.