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My views on the relationship between economics and psychology are central to his work in behavioral economics.My view emphasizes that human behavior significantly influences economic development and outcomes, challenging traditional economic theories that often assume purely rational actors .
My research bridges the gap between traditional economics and behavioral economics by integrating psychological factors into the understanding of economic decision-making .
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John Lok
I had graduated business Administration Science Degree in Common Wealth Open University.
Influence of Psychological Factors on Economic Decisions
My writings consistently explore how psychological factors, such as cognitive biases, emotional influences, bounded rationality, and herd mentality, shape individual and collective economic decisions . My view argues that these factors often lead to economically irrational decisions, contrasting with the traditional economic assumption of individuals always acting in their self-interest to achieve optimal outcomes . For instance, concepts like loss aversion, framing, heuristics, and the sunk-cost fallacy are central to his analysis of how people make choices in economic contexts .
Technology's Role in Human Behavior and Economic Development
My investigates the influence of technology, including AI and robotics, on human behavior, organizational performance, and economic growth . My view examines how these technologies can impact human talent and creativity, and how businesses can leverage behavioral economic insights and AI to achieve long-term cost efficiency . My work also delves into the broader societal implications of technological advancements, such as the potential negative impacts of robots on future societies .
Practical Applications and Policy Implications
My research extends to practical applications across various sectors, including health, insurance, corporate, and multinational companies . My view addresses questions such as how e-service contributes to organizational innovation, the role of automated systems in reducing staff, and the impact of staff behavior on organizational performance .By analyzing these elements, my work aims to inform better economic policies and practices, suggesting ways policymakers can utilize behavioral insights to design more effective interventions .
Contrast with Traditional Economic Theory
My view explicitly contrasts behavioral economic theory with traditional economic theory, asserting that the former provides a more accurate prediction of consumer behavior by incorporating consumer psychology and the economic environment . This interdisciplinary approach, integrating insights from psychology with traditional economic theories, provides a more comprehensive understanding of human behavior in economic contexts .
