The behavioral approach in the sense of studying decision-making in the light of observed choice behavior has a long tradition in psychology. Psychologists, for instance, proposed the idea of forming self-generated aspiration levels long before bounded rationality and satisfying behavior became topics in economics and...
Over the past few decades, behavioral economics has shown that people systematically deviate from the rational agent model, and the field has focused on correcting the biases underlying the decisions of citizens and consumers. However, policymakers fall into the same patterns when they design and implement policies, an...
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