Do people just sometimes make the wrong choices?
The American Economic Review (Journal)
Behavioral economics is a field that seeks to understand how people make decisions about things they want and need. The field relies on a collection of theories—models—that predict how people will make choices in a variety of situations. A well-known example of an economics model is supply and demand, which predicts how much a good will cost depending on how much of it people are willing to buy and sell at different prices.