Behavioral economics

In the modern capitalist world, behaviors and decisions are shaped through external influences created by the architecture of the environment in which we interact.

How would you feel if two judges imposed different sentences for the same offense? Or if two radiologists reached different diagnoses for the same x-ray? Or, even worse, if the same judge or the same doctor decided differently on similar cases, depending on their mood or fatigue?

Turkey launched on Nov. 20 its first behavioral economics project, “Nudge Turkey,” which aims to use psychology in the analysis of economic decision-making.

The Nobel Prize for Economics for this year was awarded to American economist Richard Thaler for his contribution to the development of the Behavioral Economy, the Swedish Academy of Sciences said, quoted by news agencies.

Economics is based on a hypothetical rational (wo)man ? or at least was until behavioral economics came along. Homo economicus is sort of like a supercomputer ? always calculating lifetime welfare, costs, profits, etc. Like Star Trek?s Mr. Spock, (s)he never lets emotions get in the way. You would therefore not expect economists to take on love.