Behavioral economics helps explain why customers favored sales and coupons and not the policy of everyday low prices at J.C. Penney.
Behavioral economics is the field that corelates economy with the different behavioral aspects of people. It helps to understand how different people behave at the market place. It is different form other form of economics where the people have a well defined behavior and well defined preference for the selection of products. People often tend to behave differently for different types of products and also with different people which they meet in the market place. They have their own preferences and choices of products. This economy generally relates economy and psychology together.
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