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Why does neoclassical economics rely so heavily on underlying assumptions of human behavior and how have those assumptions been refuted by the emerging field of behavioral economics?

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What are the values and assumptions of business?

Why does neoclassical economics rely so heavily on underlying assumptions of human behavior and how have those assumptions been refuted by the emerging field of behavioral economics? Give an example from your personal experience of how you violated one of the central assumptions of neoclassical economics and explain how and why.

Assigned Readings:

Dyer, L. (2006). Critical Thinking for Business Students. Captus Press. (Chapter 4: Underlying assumptions)Corporate Finance Institute (2021). Neoclassical Economics and Assumptions:  C. (2015: June 16) Adam Smith’s greatest legacy is his balanced approach. The Globe and Mail  J. (2015) From “Economic Man” to Behavioral Economics. Harvard Business Review, 93(5), 78–85.Fox, J. (2012) The Economics of Well-Being. Harvard Business Review, 90(1), 78-83.Watch:Crash Course in Behavioral Economics:

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