The Evolution of Behavioral Economic Theory: A Content Analysis of Major Publications in the Last Decade

Abstract

Behavioral economics has transformed our understanding of decision-making by integrating insights from psychology into economic models. This research explores the evolution of behavioral economic theory through a content analysis of major publications over the last decade. The study aims to identify key trends, influential publications, and emerging themes within the field by analyzing publications from high-impact journals. A systematic review of publications was conducted to analyze the evolution of behavioral economic theory. The analysis reveals a growing emphasis on the role of cognitive biases, social influences, and emotional factors in economic decisions. Prospect theory continues to be a dominant framework, with increasing attention to its application across various domains. The findings highlight the importance of considering psychological realism in economic models and suggest new avenues for research, including the integration of neuroscience and the study of cultural differences in decision-making. These insights are crucial for refining economic policies and interventions.