"Technically speaking, conventional economic models assume that individual agents, in their various roles as consumers, firms, governments and so on, are utility maximisers who respond optimally to their environment. Or, to put it bluntly, they assume we're all perfect - which, of course, we're not.
My research uses insights from psychology and the observation of actual behaviour to develop more accurate predictions of how real people behave in all manner of decisions affecting their health, wealth and happiness. This can help us understand many surprising phenomena, from why taxi drivers work less on high-wage days to why our financial system turned out to be rather less stable than we expected."
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