behavioral economics
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Behavioral economics is a field of study that examines how psychological, cognitive, emotional, cultural, and social factors influence the financial and economic decisions people make. It matters because understanding these human factors helps explain why people often don't make purely rational financial choices and can improve how we design policies and institutions that affect people's economic well-being.
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Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory.