Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/125679
Authors: 
Gazheli, Ardjan
Antal, Miklós
van den Bergh, Jeroen
Year of Publication: 
2013
Series/Report no.: 
WWWforEurope Working Paper 24
Abstract: 
Traditional economic theory describes economic agents as being perfectly rational. According to this approach, agents posses all necessary information and have the ability to process this information to make the best decision for maximizing their profit. However, in the real world this assumption does not hold for a number of reasons. First, economic agents are not in possession of all the information relevant to making decisions and furthermore, information is costly. Second, they do not have all the computational abilities needed to arrive at optimal decisions. Third, they are boundedly rational and have a number of other-regarding preferences which influence their choices. Here we provide a list with the most important behavioural biases of different stakeholders involved in a sustainability transition. This will allow us to improve macroeconomic models and associated analyses of transition policies.
Subjects: 
Behavioural economics
entrepreneurship
industrial innovation
innovation
social innovation
socio-ecological transition
JEL: 
D1
D2
D8
L2
Document Type: 
Working Paper
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