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Introduction
Described as the economic field that deals with the analysis of the effect that the process of decision making impacts on the decisions reached, behavioral economics is a field that has elicited lots of interest from various scholars (Altman, 24). The economists consider this branch of economics as cognitive science due to the fact that it deals with analysis of the process of decision making. Eric Wanner one of the earlier founders of the discipline describes this economic field as a component of cognitive science in his attempt to explain the basis and the characteristic analysis of the discipline in terms of strengths and weaknesses. Simply put it is a field of economic that explains the decision making process of economic agents based on theories formulated in its different branches (Altman, 25-26). Behavioral economics is a diverse subject dealing with numerous topics but for purposes of this research paper, my focus will be on the labor market; fairness and reciprocity. Employees as well as their employers have financial interests for which they desire to achieve…
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