Brief Insights into Behavioral Economics

November 5, 2014

By: Brent Stackhouse, MBA

The Stackhouse Agency, LLC

Life presents many choices within context. Within economics, we consider rationality/irrationality. Some also consider how scarcity is viewed and the ability of an individual or a group to create or use creativity. Influence is a major aspect of behavioral economics. We have agents that may influence our behavior to the extent we are aware of existing circumstances. Our understanding, awareness, and thinking impact the role of influence and persuasion as opposed to coercive action. Related with behavior is the demand for some entity and the supply of some good. Many frequently debate how each is impacted and initiated. Behavioral economics is a field providing rewarding insights for many organizations.