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In: Economics

Share your reflections/ thoughts on behavioral economics and how it can be applied in addressing factors...

Share your reflections/ thoughts on behavioral economics and how it can be applied in addressing factors that drive individual or community behaviors that affect health.
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Expert Solution

Behavioral economics is the field of mainstream economics which is characterized by the individual behavior deviation from the model of a rational man. It explains human behavior through social preference, norms where the individual model constructed. The research in this field mainly applicable to human decision-making behavior and better inform and shape social phenomena include health care. People deciding on health care not based on self-interest, also failing to enter health insurance and engage in harmful behavior. The traditional economics is talking about rational decision, and it fails to explain the exact human behavior. But in behavioral economics is not choosing rational behavior for the decision making. The behavioral economics in terms of health and health care includes organ donations, enrollment of government-sponsored health insurance, prescription of drug insurance, the reduction of tobacco use, obesity, etc.

Rahul Sunny answered 1 year ago
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