APPLICATIONS OF BEHAVIORAL ECONOMICS IN UNIVERSITY LIFE

• Main Author: GEORGE NICULESCU
• Format: Article
• Language: English
• Published: Academica Brâncuşi 2017-11-01
• Series: Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie
• Subjects: behavioral economics; experiment; university; decision.
• Online Access: http://www.utgjiu.ro/revista/ec/pdf/2017-Volumul%201%20Special/13_NiculescuG.pdf

In the first part of the article I have dealt with the role and place of behavioral economics in the economic sciences. Classical economic theories are criticized by the behavioral economy. We think we are rational beings and that we make logical decisions based on the information we have at our disposal. In fact, we have our own cognitive limitations that can lead to hasty decisions or confusing judgments; the real individual is a complex person, with actions that result in failures and incomprehensible behaviors for the economics Behavioral economics is trying to explain why individuals often make irrational choices, and why decisions they take do not follow exactly the patterns predicted by classical and neoclassical economic models. This paper is trying to assess the individual behavior involved in the decision making process in the university space. This article describes aloso a series of experiments on behavioral economics. The experiments are from university life and contest the hypothesis of the perfectly rational person's existence in making decisions and the neoclassical economic theories and models that are based only on the premise of the existence of homo oeconomicus rationalis. Observations and experiments conducted with students at Constantin Brancusi University in Târgu-Jiu are relevant in challenging the hypothesis of perfect rationality, preference stability, perfect information and market efficiency. The research method used in this article is the experiment. Study results are useful for academic management.