Behavioural economics highlights the role of social preferences in economic decisions. Further, populations are heterogeneous; suggesting that group composition may impact the ability to sustain voluntary public goods contributions. This parallels research in public economics where fractionalization negatively impacts provision. We conduct agent-based simulations of contributions in a public go...

Neuroeconomics seeks to ground economic theory in detailed neural mechanisms which are expressed mathematically and make behavioural predictions. One finding is that simple kinds of economising for life-and-death decisions (food, sex and danger) do occur in the brain as rational theories assume. Another set of findings appears to support the neural basis of constructs posited in behavioural eco...

Under what circumstances is it necessary or convenient for an agent to rely on habits or rules? This paper focuses on the types of decision situation giving rise to their use. Even optimisation requires the deployment of rules, and for this reason mainstream economics cannot legitimately ignore these questions. The argument is that habits and rules are ubiquitous in human activity. In a new tax...

This research intends to explain more on brand choice particularly related to the consumer s sensitivity towards price changes. Theories and principles of behavioural economics specifically the matching law, are utilised in this study, as they explain more about brand choice. It examines and elucidates why consumers choose a certain product/brand and what influences them to do so. Price, an obv...

Field evidence suggests that people’s work morale depends on those of their co-workers. We are interested in understanding the behavioural logic of such “social interaction effects”. We design a three-person gift-exchange experiment where workers can observe each others’ effort levels and adjust their own effort if they so wish. Our design avoids the “reflection problem” (Manski 1993) which pla...

Abstract A relatively new scientific discipline that finds its primary source in psychology, better known as behavioural economics, is attracting the attention of many authors. It increasingly applied for purpose understanding consumers, especially decision making, including personal feelings and limitations a realistic way. This paper aims to present model application economics sectors creativ...

We need law and economics to do the scientific measurement necessary for legal design be seen as on stage of science. Law economics—which is application economic theory, especially microeconomic analysis practice law--is a valid tool approach reflect what should empirically investigated in design. The neoclassical (mainstream) theoretical foundation is, however, at times far from reality it oft...

In The Community of Advantage, Robert Sugden reconstructs and defends an account the liberal tradition (LT) in normative economics light findings Behavioural Economics (BE). this paper, LT neo-classical welfare which has roots J.S. Mill’s thought is contrasted with Sugden’s account. Cass Sunstein Richard Thaler’s Libertarian Paternalism (LP) arguably attempts to reconcile BE provide it a Millia...

In this paper we first critically review conventional environmental economics. We conclude that the standard theory offers too narrow a perspective for many real world problems and that many theories are not empirically tested. Consequently, environmental economics is at risk of producing aeroplanes without engines. Next, we welcome and discuss some recent trends, particularly the rapid develop...

This paper challenges the increasingly common view that the findings of behavioural economics constitute a fourth type of market failure. The market failure framework elevates the standard competitive market model to the status of an ideal. It provides us with tools to identify departures from the ideal model and to deduce a direction policy might take to restore it. Many behavioural phenomena ...