Richard Thaler’s excellent book Misbehaving: The Making of Behavioral Economics has inspired me. Thaler is a founding father of Behavioral Economics (he won the Nobel prize in 2017) … but also one funny guy. Because of him, I am now seeing Behavioral possibilities everywhere. I see Behavioral Everything.
What is Behavioural Economics? My layman’s understanding — bearing in mind this is off the back of reading one book — is that Behavioral Economics mixes psychology with economic models. In other words, it brings actual humans to economics.
From there on, the Behavioral trend has spread: Behavioral Finance, Behavioral Science.
Which has led me to wonder: what else needs the Behavioral treatment? What else needs a dose of psychology? A quick google tells me that Behavioral Technology does exist. Barely. Behavioral Programming is also real, but is something completely different.
How about Behavioral Present Giving? What are the gifting rules? If someone gifts me something, is it okay to pass it on? Also, when is cash an acceptable offering? Fine from grandparents, but not so much parents. Who knows? Probably only Richard Thaler.