The tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions. For example, seeing an initial high price makes a subsequent sale price look like a bargain, regardless of the item's actual value.
Value is measured relative to a shifting baseline (reference point) rather than absolute wealth status. 3. Intertemporal Choice and Present Bias
David R. Just’s Introduction to Behavioral Economics is the rare textbook that is both intellectually rigorous and genuinely readable. Whether you’re preparing for a course, designing an intervention, or simply trying to understand why you can’t resist a “limited-time offer,” this book provides the toolkit to see the hidden logic behind seemingly irrational choices.
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David R. Just’s textbook, Introduction to Behavioral Economics
Drawing from his direct research, Just outlines how minor environmental tweaks influence nutritional choices. By placing fruits and vegetables at eye level, moving the salad bar to a central location, and placing chocolate milk slightly out of reach, schools successfully increased healthy food consumption without banning junk food. 5. Methodology in Behavioral Economics The tendency to rely too heavily on the
The book by David R. Just (2013) is a comprehensive text focused on how non-rational behaviors influence economic choices. Access and Resources
Many introductory texts either oversimplify the psychology or ignore the math. Just’s book assumes you have a basic understanding of microeconomics (supply, demand, indifference curves) but are new to cognitive biases and heuristics. It is written with clarity, real-world examples, and a subtle humor that makes complex topics like Prospect Theory accessible.
Consumers buy a monthly pass only if their calculated per-visit cost is lower than the drop-in fee. Whether you’re preparing for a course, designing an
He provides the equations necessary for graduate-level study.
Estimating the likelihood of an event based on how easily examples come to mind. This explains why people over-insure against rare but highly publicized disasters (like plane crashes) while ignoring common risks.
The Architect of Choice: An Introduction to Behavioral Economics Through the Lens of David R. Just
Before diving into the textbook itself, it's useful to understand the field it so expertly introduces. Traditional economics, often called neoclassical economics, is built on the assumption of the "rational actor." This model posits that individuals have stable, well-defined preferences, possess unlimited cognitive abilities to process information, and act in a purely self-interested manner to maximize their utility.
Just challenges the model—the assumption of perfectly rational humans—by showcasing how psychological factors like emotion, social pressure, and instinctual behavior influence choices. 2. Nudge and Behavioral Design