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"Behavioral economics" is a term that has become increasingly familiar to the general public in recent years, often appearing in TV commercials and other media. However, this academic field was established over 50 years ago in the late 1970s by two psychologists, Amos Tversky and Daniel Kahneman.
 
Traditional economics assumes, as a premise for theory building, that people are “homo economicus,” meaning that they behave in a "perfectly rational," "perfectly self-controlled," and "perfectly selfish" manner. However, real human beings are not necessarily perfectly rational; they are moderately rational, moderately self-controlled, and moderately selfish. Behavioral economics seeks to uncover new insights by explaining the real human behavior overlooked by traditional economics through psychology and by extending traditional economic theories.
 
At the University of Tokyo's Faculty of Economics, there is no lecture titled "Behavioral Economics" other than my course, which is offered by the Management Department. The concepts of behavioral economics are well integrated in each field of economics (public economics, industrial organization, development economics, labor, health and medicine, education, etc.) and are i