Of late, Behavioral Economics has evolved as a sub discipline of economics, which questioned the fundamental assumptions of traditional economic theory regarding human rationality and economic behavior. Behavioral Economics is based on the psychological underpinnings explaining human economic behavior and decision-making. It attempts to bridge the gaps in neoclassical economic theory by blending psychological, biological and ecological aspects into fundamental economic theory towards reducing inconsistencies encountered in analyzing decision-making models. Behavioral Economics deals with those aspects of economic analysis, which were either ignored or ruled out by traditional economic researchers. This inter-disciplinary concept drew the attention of the world-class researchers, including Nobel laureates, rendering immense value to the fields of economic analysis and behavioral sciences, as it lays foundations for a new field of research. This book presents the reader with a thorough understanding about the concept and scope of Behavioral Economics, its challenges to the mainstream economics and its contributions to the modern economic analysis. The book contains the views and ideas of various researchers whose contributions made Behavioral Economics an eligible sub-discipline of Economics. This book aims at making the readers understand the relevance of Behavioral Economics in contemporary economic analysis. While the first section of the book introduces Behavioral Economics as a revolutionary thought in economic theory, the second section speaks about the contemporary relevance of Behavioral Economics as a novel economic thought. This book attempts to elevate the significance of Behavioral Economics in streamlining modern economic analysis.
ABOUT THE AUTHOR B.Ravi Kumar Jain
Ravi Kumar Jain B holds an MBA degree (Finance) from Osmania University, Hyderabad and PGD ITM (E-commerce & EDI) from AIMA, New Delhi. He has worked as Assistant Professor in a B-school affiliated to Osmania University for four years in Hyderabad. Presently, he is working as a senior faculty member at Icfai Research Centre, Head quarters, heads Special projects team and also teaches at Icfai Business School, Hyderabad. He has presented several research papers in national and international conferences in India and abroad. He has got many of his articles published in several refereed journals. He has received an award, 'Researcher of the Year', from the Vice President of India, for the best contribution in an international conference on Enhancing Global Business Competitiveness in November 2004, at New Delhi. He has authored a book titled "Open Source Software: A Revolution in the Making" and has edited several books on the themes related to Internet and business management, the latest being "Internet Governance: An Introduction" and "IT Governance: An Introduction". His areas of interest include outsourcing, e-commerce, strategic management, technology in business and financial management.
ABOUT THE AUTHOR Krishna Kishore Puranam
Krishna Kishore Puranam holds a Postgraduate Diploma in Business Administration from Icfai Business School, Hyderabad and a Postgraduate Diploma in Information Technology from All India Management Association. He is currently working as a Consulting Editor with Icfai Business School Research Centre, Hyderabad. He has around eight years of industry experience and two years of academic experience. Prior to joining Icfai, he worked for companies like P N Moorthy & Co., Tax Consultants, Silver Springs, Citi Financial, and GE. His areas of interest include investments and psychology of investors.
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