"Since its inception nearly three decades ago, behavioural economics has upset the pristine premise of classical economic theory—the view that individuals will always behave rationally to achieve the best possible outcome. Today it’s clear that the vagaries of individual and group psychology can cause irrational decision making by both individuals and organizations, resulting in less than ideal outcomes."
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Original Language: English
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Sources
Renee Dye, Olivier Sibony and Vincent Truong "Flaws in strategic decision making." McKinsey Quarterly (2008). p. 1
https://en.wikiquote.org/wiki/Behavioral_economics
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Behavioral economics
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