Neuroeconomics is an emerging field in behavioral economics, combining economics, psychology, and neuroscience. It seeks to understand the complexity of the brain, previously the unknown ‘black box,’ and the impact of its substructures in economic decision-making.

Contradictory to traditional economic theory, acting in the interest of others can positively impact personal success. (SOURCE http://debmillswriter.com/wp-content/uploads/2015/09/Blog-Give-and-Take-by-Adam-Grant-cminds.net_1.jpg) By Minaal Adnani         At some point in our lives, we will enter the workplace and launch our professional careers. For  millennials, the kind of culture a firm fosters is crucial to retaining top talent. What types of behaviors are important in the workplace? How do we position ourselves for success? According to the youngest tenured Wharton professor and author of Give and Take, Adam Grant, there are three kinds of people at work – givers, takers, and matchers. Which one do you want to be?       Well, it is important to know what the data shows on the success of givers, takers, and matchers. Givers are characterized as those who hope to contribute to a project, and take a generous approach to helping colleagues. To be truly innovative and collaborative, one must possess “a willingness to help others achieve their goals” (Grant, 2013).        Then, there are the “toxic takers,” …

“The paradox of human morality is that we are both liars and good people” By Minaal Adnani     Why do rational, economic agents lie and cheat? Why is it that people are more uncomfortable being dishonest when money is involved? Dan Ariely, behavioral economist and author of The (Honest) Truth About Dishonesty, has designed multiple unique experiments to explore our self-serving biases. His work can help us understand why all of us—even honest folk —cheat a little.     The traditional economic theory behind decision-making involves a cost-benefit analysis in which an individual measures what they stand to gain from a particular action—even if this action is morally wrong—as well as the probability and cost of being caught. Ariely suggests otherwise (Mazar, Amir, & Ariely, 2008). In behavioral economics—the intersection where economics meets psychology—we learn about self-concept. This is the way we view ourselves. Human beings wish to perceive themselves as loyal, honest and good folk. The Duke professor points out that cheating does the opposite; most people do not cheat a lot because …

How scarce mental resources can lead to poverty traps.