Behavioural Economics
Economics, as a study, has always associated its principles with that of psychology to study human behaviour. Early economists such as Adam Smith cannot divorce psychology from his works because personal economic decisions such as buying and selling decisions are really closely linked to human behaviour. Whether that behaviour is rational or erratic is also a subject of much discussion and debate among experts. Behavioural economics studies the effects of behaviour on prices of stocks, market movements, allocation of scarce resources and the order of priority in making important decisions. Its believers think they can predict with certainty some important group decisions such as developing market trends. They tried to incorporate their behavioural findings in important stock market tools such as technical analysis techniques in predicting the movements of stock prices. It is even applied to public choice such as the decision which candidate to vote for that has economic implications.
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