Behavioral economic theories are used to explain most everyday decisions, such as what people buy, how they manage their finances, and whether or not they make healthy lifestyle choices.

We observe their behavior and we mimic that behavior. In short, we do what they do. This theory is also known as social cognitive theory. Social learning theory, developed by psychologist Albert ...

Lisa Smith is a writer with a passion for financial journalism, contributing to popular media outlets like Investopedia and Bloomberg BNA. Andy Smith is a Certified Financial Planner (CFP ...