Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.
Adam Smith, author of The Wealth of Nations (1776) and The Theory of Moral Sentiments (1759)
Herbert A. Simon, winner of the 1975 Turing award, the 1978 Nobel Prize in economics, and the 1988 John von Neumann Theory Prize
Daniel Kahneman, winner of the 2002 Nobel Prize in economics
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality.
The Cognitive Bias Codex