Behavioral Economics: Theoretical Conception to Understand Economic Behavior

Abstract

Abstract Behavioral Economics has shown the limitations of conventional economics to explain the behavior of economic agents, achieving its acceptance and recognition in the academic field and in practical areas. However, the foundation of the two systems to explain the mental processing of behavior has reductionist limitations. The present article aims to base the theoretical conception of the cognitive functioning of human behavior from the theory of Behavioral Economy. The methods used are at the theoretical level of the research, specifically related to the analysis of the literature, the systematization of the contents, and the modeling of the proposal.The final reflections indicate the need to develop the methods and techniques that allow the study of economic behavior from a complex perspective, although it recognizes the value of the proposed theoretical conception in overcoming the dualistic and reductionist limitations of the preceding models.

Keywords

• behavioral sciences, behavioral economics, economic behavior, heuristics, cognitive biases.