Economics of Science

Abstract

Behavioral economics emerged as an independent field of economic science in the second half of the 20th century, significantly broadening the understanding of human economic behavior. Unlike traditional rational choice models, the behavioral approach examines the decision-making process by considering psychological, social, institutional, and cultural factors that influence the actions of economic agents within specific socio-economic contexts. The aim of this research is to conduct a retrospective analysis of the evolution of the behavioral paradigm concerning the development of various schools of economic thought, as well as a comparative analysis of the research methods. The methodological foundation of this work is based on the principles of institutional economic theory, the principle of historicism, and the methods of comparative analysis. The article examines the key stages in the development of behavioral economics, investigates the contributions of representatives from neoclassical synthesis, new institutionalism, and evolutionary economic theory to the advancement of the behavioral approach, and analyses the characteristics of applying behavioral models in the study of the labor market, unemployment, and public choice. It demonstrates that the evolution of behavioral economics has fostered the establishment of an interdisciplinary approach to the investigation of economic behavior and has solidified the behavioral paradigm as one of the leading directions in contemporary economic science.