A Comparative Analysis of Behavioral Economic Models in Policy Formulation
Keywords:
Behavioral Economics, Policy Formulation, Cognitive Biases, Economic Models, Decision-Making, Prospect Theory, Dual Systems Framework, Economic Policy, Public ComplianceAbstract
Behavioral economics has gained prominence as an essential framework for understanding decision-making processes in economic policy formulation. This study empirically evaluates competing behavioral models, including Prospect Theory and the Dual Systems Framework, utilizing a mixed-methods approach that integrates econometric analyses with qualitative interviews. We collected data from diverse cohorts through structured surveys and focus groups, revealing significant insights into how cognitive biases impact policy outcomes. Our findings indicate that traditional economic models fail to account for the complexities of human behavior, leading to suboptimal policy decisions. By quantifying the impact of behavioral nuances on economic policies, this research contributes to both theoretical and practical dimensions in economics. The results corroborate the necessity for integrating behavioral insights into economic models to enhance policy effectiveness and societal welfare.
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