Behavioral economics acknowledges that humans are not rational actors in economic decisions
Behavioral economics demonstrates that humans systematically deviate from pure rationality in economic decision-making due to cognitive biases, bounded rationality, and emotional factors.
The claim that behavioral economics acknowledges that humans are not rational actors is a core tenet of the field, supported uniformly by the retrieved literature discussing bounded rationality, cognitive biases, and departures from classical rational actor models.
Christine Jolls. Bounded Rationality, Behavioral Economics, and the Law. 2017. https://doi.org/10.1093/oxfordhb/9780199684267.013.005
Paper 0 establishes that behavioral economics centers on bounded rationality and human limitations in decision-making.
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Ohms B. Methodology for investigating moderating relationships in cognitive biases within workplace decision-making.. 2026. https://doi.org/10.3389/fpsyg.2026.1705404
Paper 1 investigates how cognitive biases and situational stressors lead to non-uniform, non-rational decision-making in the workplace.
Jannatunnesa J, Mahdzan NS, Md Noman AH. Adaptability factors and behavioral biases of investors in frontier markets: An adaptive market hypothesis perspective.. 2026. https://doi.org/10.1371/journal.pone.0345883
Paper 3 utilizes the adaptive market hypothesis and bounded rationality to show how cognitive biases persist in financial markets.
Cati MM. Integrating emotional and cognitive biases in graded decision-making models: Insights from a theoretical case study in healthcare.. 2025. https://doi.org/10.1016/j.actpsy.2025.105915
Paper 5 contrasts classical rational actor models with behavioral economics findings on systematic cognitive and emotional deviations.
van Baal S. The Consumer's Reservation Price as an Adaptive Aspiration Level.. 2026. https://doi.org/10.3390/bs16030421
Paper 6 contrasts neoclassical assumptions with behavioral economic findings that reservation prices are influenced by extraneous factors rather than purely rational calculations.
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