Resumo

RAMOS ZAGA, Fernando Antonio. Breaking the Neoclassical Mold: behavioral economics insights into labor supply. Anál. econ. [online]. 2024, vol.39, n.102, pp.191-199.  Epub 29-Out-2024. ISSN 2448-6655.  https://doi.org/10.24275/uam/azc/dcsh/ae/2024v39n102/ramos.

The global labor market has experienced significant transformations due to technological advancements, globalization, and evolving socio-economic dynamics. Despite predictions from neoclassical economics, anomalies such as wage rigidity, involuntary unemployment, and underemployment persist. This article aims to critically analyze the neoclassical model's assumptions of rationality, perfect information, and utility maximization, contrasting them with insights from behavioral economics. A review of studies addressing labor market issues from a behavioral economics perspective was conducted using key terms such as "behavioral economics," "labor supply," and "neoclassical economics." The results indicate that behavioral factors, including bounded rationality, cognitive biases such as risk aversion, and social preferences, significantly influence labor supply decisions. These factors provide a more realistic interpretation of economic behavior, addressing anomalies that neoclassical theories fail to explain. In conclusion, behavioral economics offers a robust framework for understanding labor market dynamics, particularly in wage dynamics, where cognitive biases impact decision-making. This approach challenges traditional economic models and underscores the importance of incorporating psychological factors into labor market policies.

Palavras-chave : Behavioral economics; Labor market; Bounded rationality; Neoclassical economics; Cognitive biases; Labor supply.

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