Behavioral economics, an interdisciplinary field that merges economic theory with psychology and the study of human decision making, was born at Cornell in the 1980s when Professor Richard Thaler observed a clear disconnect between standard economic models and actual human behavior. Thaler and his contemporaries across business, finance, economics, and psychology expanded academic conversations from what people should do (normative theory) to what they actually do (descriptive theory). In the decades since, the field has evolved further to explore how people can be guided to make better choices (prescriptive theory), influencing areas such as consumer behavior, development economics, labor markets, saving and investing, health, and personal relationships.

Founded in 1989, the Behavioral Economics and Decision Research (BEDR) Center continues this legacy by bringing together behavioral economists and behavioral scientists from across Cornell. Over the past forty years, BEDR has grown to include more than ninety faculty spanning multiple colleges and disciplines including economics, psychology, strategy, marketing, finance, operations, accounting, public policy, health, and labor.

At its core, behavioral economics seeks to build more accurate models of economic behavior grounded in a realistic understanding of human rationality and judgment. BEDR remains at the forefront of this work through its research seminars, international conferences, podcasts, acclaimed journal publications, and books. Cornell courses at both the undergraduate and graduate levels further advance this mission by engaging students and sharing cutting edge insights in behavioral and decision sciences.

BEDR is dedicated to exploring behavioral and applied economics, risk and rational decision making, and managerial judgment, while identifying policies and practices that can enhance individual and societal well being.

The BEDR research collaboration exists to advance multidisciplinary research, education, and outreach in behavioral economics, behavioral science, and decision making. The initiative supports faculty and student research, fosters engagement with industry, alumni, and policymakers, and serves as a hub for collaboration across Cornell and beyond. We invite you to explore our work, meet our faculty, and join in the long and innovative history of behavioral economics research at Cornell.