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Is There Any Connection between Behavioral Economics and Business Research. Understanding your clients’ requirements is the basic criterion for successful business strategizing. Majority of entrepreneurs are aware of the practice of business analysis that take them closer to the clients, competitors and all the other aspects of the marketplace. Along with learning more about the kind of choices that your customers make, you also need to understand how they land to that decision about your products or services. This is where behavioral economics comes into play. Many marketing research experts claim that behavioral economics give innovative twist to the entire analysis. What is Behavioral Economics Behavioral economics and finance is a branch that analyzes the effects of cognitive, social, emotional and behavioral factors on economic decisions.
It gives better insight about the changing market prices, trends and resource allocation. Advantages of Behavioral Economics in Market Research About MarketsandMarkets.