Today, most policies and programs, business processes, regulation and products are designed or based on the traditional economic model, which assumes humans are fully rational, weigh all available information, assess the costs and benefits of each option, and make a choice only in their best interest.
But Behavioural Science and Economics, a Nobel-Prize winning discipline (Kahneman in 2002 and Thaler in 2017) has shown that humans are not fully rational and exhibit a certain number of cognitive biases and flaws in their judgement such as fallacies in investing, trouble pursuing long term goals or difficulties to comply with regulation.
Behavioural Science and Economics brings new insights into human psychology and new frameworks for understanding and predicting economic outcomes and foibles in decision-making processes.