Author : Saroj kumar singh
Keyword : Economics
Subject : Psychological
Article Type : Original article (research)
Article QR Code
Article File : Full Text PDF
Abstract : Emotions were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory basically abolished emotions, behavioral economics more recently reintroduced emotions in utility theory. Beyond utility theory, economic theorists use emotions to explain behavior that otherwise could not be understood or they study emotions out of interest for the emotion itself. While some analyses display a strong overlap between psychological thinking and economic modeling, in most cases there is still a large gap between economic and psychological approaches to emotion research.
Article by : Dr Saroj Kumar Singh
Article add date : 2020-12-13
How to cite : Saroj kumar singh. (2020-December-13). Importance of emotion in economics. retrieved from https://www.openacessjournal.com/abstract/471