Overview

As we mentioned above, behavioral economics simply includes an interest in psychology. In fact, we believe that many familiar economic distinctions do have a lot of behavioral content, they are implicitly behavioral, and could surely benefit from more explicit ties to psychological ideas and data. However, some people do not feel psychology and economy which have close relationship. Such as, substantial debate is ongoing in psychology about whether knowing the precise details of how the brain carries out computations is necessary to understand functions and mechanisms of driving car skill at higher levels, ( knowing the mechanical details of how a car works may not be necessary to turn the key and drive it). Most psychology experiments use indirect measures like response times, error self reports and natural experiments, due to brain has been fairly successful in codifying what we know about thinking, but pressimists think brain scan studies won't add much. The optimists think the new tools will lead to some discoveries. Another couple is the distinction between short run and long run price elasticity which concerns behavioral economy. In fact, economy needs have theories concepts to support any evidence to prove any matter has happened. Concerning short run and long run price elasticity cause and effort issue, with a casual suggestion that the run is the time it takes for markets to adjust, or for consumers to learn new prices, after a demand or supply stock. Adjustment costs undoubtedly have technical and social component, but probably also have some behavioral factors influence in the form of gradual adaption to loss and learning.

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