A masterclass titled “The difference between behavioral economics and classical economic schools” was held for students of the Faculty of Business and Economics at Azerbaijan University. The session was conducted by Farhad Parvizi, Director of Financial and Business Advisory Services at Baker Tilly Azerbaijan.

The event, organized by the Department of Economics and Management, aimed to explore the key distinctions between traditional economic theories and behavioral economics.

Tural Gojayev, head of the Department, opened the session with an introductory speech, introduced the guest speaker to the students, and spoke briefly about his professional background.

Farhad Parvizi then delivered an in-depth presentation covering the following topics: “Principles and core assumptions of classical economics”, “Fundamental approaches and key ideas in behavioral economics”, “Comparative analysis of behavioral and classical economic theories”, “The impact of key psychological factors on economic decision-making”, “Real-world applications of behavioral economics”.

The masterclass concluded with a lively discussion and a Q&A session.

Public Relations Department