ABSTRACT
This conclusion presents some closing thoughts discussed in the preceding chapters of this book. The book illustrates how the framework of behavioral economics can be used to help individuals improve their decision-making behavior. It focuses on ways in which decision can be impaired and the ability to pursue goals over long time spans, using the framework of behavioral economics. The book also discusses several tools that can be helpful in avoiding self-control problems. Behavioral economics emphasizes the power of the context to shape behavior. The self-control problems lead to the internality as a within-person externality. The behavioral economic framework predicts that one can tend to pursue immediate gratification in ways that people themselves do not appreciate in the long run. Behavioral economics suggests policy interventions that could help consumers avoid making problematic choices. Standard economic theory assumes that all observed choices are utility maximizing from the perspective of the person making decision.
