3 minute read Behavioral economics, as proposed by Kahneman and Tversky, was created in response to neoclassical theories that endorse rational decision-making (Reuter & Montag, 2016). According to Nobel laureate, Daniel Kahneman, people make decisions based on heuristics and biases, which, depending on the situation, may or may not yield the greatest gain (Kahneman, 2011). […]
