BOUNDED RATIONALITY AS THE BASIS OF THE ECONOMY BEHAVIORAL

Behavioral economics is a fairly new field within science economics, which attempts toexplain human behavior from the point of view of social preferences and heuristics. He baseshis study on the processes of taking of decision by an individual, but unlike the model ofhomo oeconomicus (an expression formulated by John Stuart Mill in the mid-19th centuryas a useful idealization for the economic discipline) starts from a conception of rationalitylimited individual (fallible and biased decisions). Advances in this discipline. They areessentially nourished by field work and experiments in laboratories, as well as well as theadvances of other sister disciplines such as psychology, neuroscience, cognitive science,etc. Behavioral and experimental economics were Nobel laureates in economics in 2002awarded ex aequo to Daniel Kahneman and to Vernon Smith. Smith's experiments havefocused on the recreation of artificial markets with the participation of studentsdemonstrating that prices in these fictitious markets converge towards equilibrium. Theseexperiments focus currently on phenomena of collective irrationality, such as the formationof bubbles. Kahneman has focused his studies on these phenomena, developing, togetherwith Amos Tversky the prospect theory, where the decision framework exerts an impact onthe assessment of potential gains and losses.