Behavioral Economics: Evolution of Development and Formation of the Concept

Abstract

The article presents the main concepts and theories of behavioral economics. This area has been extremely popular and relevant in recent years in the economic sphere due to its novelty and change in the management and marketing paradigm, namely, consumer orientation. Economic theory is a science that studies the maximum satisfaction of human needs with limited resources, which contains many current economic models and laws built mainly with a limited view of both the producer (seller) and the consumer. This article examines concepts mainly related to how people interact in the economic sphere, and compares the views of representatives of modern behavioral economics on this aspect. Today, behavioral economics is one of the most popular and in-demand economic areas, because it is closest to the behavior of real economic agents. Theories of behavioral economics are used everywhere nowadays, so it is necessary to conduct more in-depth research in this area. In this regard, the purpose of the article is to review the main stages of the formation of behavioral economics and determine the essence of this area. The main objectives: to determine the prerequisites for the formation of behavioral economics; to make a brief overview of the postulates of the main economists and their concepts; to define scientific views on the subject of behavioral economics; to consider the stages of transformation from traditional economic views to improved modern approaches. Thus, as a result of the study, the main stages of the formation and development of the theory of behavioral economics were determined, and the fundamental differences of scientific points of view were revealed through the prism of evolutionary and historical development. DOI: https://doi.org/10.53486/dri2024.44; UDC: 330.16:330.88; JEL: D11, D12.