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behavioural economics

Japanese translation: 行動経済学

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Behavioural economics
Japanese translation:行動経済学

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00:54 Feb 7, 2011
English to Japanese translations [PRO]
Bus/Financial - Economics
Additional field(s): Business/Commerce (general)
English term or phrase: behavioural economics
Definition from The Economist:
A branch of ECONOMICS that concentrates on explaining the economic decisions people make in practice, especially when these conflict with what conventional economic theory predicts they will do. Behaviourists try to augment or replace traditional ideas of economic rationality (homo economicus) with decision-making models borrowed from psychology. According to psychologists, people are disproportionately influenced by a fear of feeling regret and will often forgo benefits even to avoid only a small risk of feeling they have failed. They are also prone to cognitive dissonance, often holding on to a belief plainly at odds with new evidence, usually because the belief has been held and cherished for a long time. Then there is anchoring: people are often overly influenced by outside suggestion. People apparently also suffer from status quo bias: they are willing to take bigger gambles to maintain the status quo than they would be to acquire it in the first place. Traditional UTILITY theory assumes that people make individual decisions in the context of the big picture. But psychologists have found that they generally compartmentalise, often on superficial grounds. They then make choices about things in one particular mental compartment without taking account of the implications for things in other compartments. There is lots of evidence that people are persistently and irrationally overconfident. They are also vulnerable to hindsight bias: once something happens they overestimate the extent to which they could have predicted it. Many of these traits are captured in PROSPECT THEORY, which is at the heart of much of behavioural economics.

Example sentence(s):
  • Behavioral economics blossomed from the realization that neither point of view was correct. Library Economics Liberty
  • Behavioral economics explains why we procrastinate, buy, borrow, and grab chocolate on Harvard Magazine
  • Economics orthodoxy may look down on behavioral economics, but it's the most important development in economics in a long time. The Christian Science Monitor.
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This question was created by:
RominaZ
RominaZ
Argentina


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行動経済学
Definition:
典型的な経済学のように経済人を前提とするのではなく、実際の人間による実験やその観察を重視し、人間がどのように選択・行動し、その結果どうなるかを究明することを目的とした経済学の総称である。
Selected response from:

JapanLegal
Japan
Grading comment
4 KudoZ points were awarded for this answer



Summary of translations provided
4 +3行動経済学
JapanLegal


  

Translations offered


8 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
行動経済学


Definition from Wikipedia:
典型的な経済学のように経済人を前提とするのではなく、実際の人間による実験やその観察を重視し、人間がどのように選択・行動し、その結果どうなるかを究明することを目的とした経済学の総称である。

Example sentence(s):
  • 感情、直感、記憶など、心のはたらきを重視し、私たちの現実により即した経済学を再構築しようとする新しい学問、「行動経済学」の基礎を、詳しく解説。 - Amazon Review  
JapanLegal
Japan
Local time: 23:23
Native speaker of: Native in EnglishEnglish, Native in JapaneseJapanese
PRO pts in category: 4

Votes in favor of/against selecting this as the best translation of the term asked
Yes  Yasutomo Kanazawa
2 mins
  -> Thank you, Kanazawa-san!
Yes  izziS
2 hrs
  -> Thank you!
Yes  T.B.
5 hrs
  -> Thank you!
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