Competitiveness of companies in the light of Richard H. Thaler’s theory of behavioural economics
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Abstract
The article contains a review of R. Thaler’s scientific output with respect to its possible use for the analysis of competitiveness of companies. The attention is focused particularly on the smallest businesses, including the self-employed. An attempt is made to answer the question of how the introduction of behavioural elements into the competitiveness analysis of enterprises of this type can foster the development of science and how it can be used in the economic practice. Inspired by Thaler’s scientific output, the author decided to identify the main tools developed by Thaler, including the various types of cognitive biases, systematic errors, or supposedly irrelevant factors that are overlooked in the mainstream economic theories which, in fact, are essential for the decision-making process. An additional aim of the analysis is to identify the research areas which, if enriched with elements of behavioural economics, could be most beneficial. Two such areas are identified: in the microeconomic theory – the area of “manufacturer’s decisions”, and in the macroeconomic theory – the area of state intervention and public policies.
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