Positive economics <u>Avoids</u> value judgments, tries to establish <u>scientific</u> statements about economic behavior, and deals with <u>actual</u> economic events.
Behavioral economics (BE) makes use of psychological experimentation to develop theories about human selection making and has recognized various biases because of the way human beings think and experience. BE is trying to exchange the way economists reflect on the consideration of humans' perceptions of price and expressed choices.
Behavioral economics research the outcomes of mental, cognitive, emotional, cultural, and social elements on the selections of individuals and institutions and the way those choices vary from the ones implied by the classical financial theory.
Behavioral economics which uses insights from psychology, sociology, and increasingly neuroscience to provide an explanation for human beings' decisions that traditional monetary concept can't - affords new ways to reflect on consideration of the limitations and drivers of a number of behaviors, together with medical insurance take-up and the tendency to make contributions .
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