Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the ...

As the column’s name suggests, Thaler set out to challenge standard economic thinking by testing economic anomalies—in other words, what happens when our irrational, some might say human, selves are ...

Behavioral economics combines information about human behavior and outcomes with more standard methods of economic analysis. Behavioral economics has been applied in various contexts such as ...

Behavioral economics helps investors understand irrational market behaviors and customer choices. Examples of behavioral economic theories include loss aversion and sunk-cost fallacy. Recognizing ...

SAN FRANCISCO (AP) — Daniel Kahneman, a psychologist who won a Nobel Prize in economics for his insights into how ingrained neurological biases influence decision making, died Wednesday at the age of ...

Ever bought a monthly gym membership thinking it would make you go more often? Or chosen a health insurance policy with a lower deductible, even though the premium was much higher? You’re not alone – ...

Clinicians who engage patients and family members in shared decision-making know that people don’t always make healthcare decisions based on what is rational. The irrationality of healthcare decisions ...

Marginal VaR measures the risk added by new investments in a portfolio. Learn its definition, how it works, calculation, and impact on overall risk management.

Discover how micro accounting works at personal, corporate, and government levels. Learn its processes and how it contrasts with macro accounting strategies.