Neoclassical economics relies heavily on underlying assumptions of human

behaviour because it is based on the idea that individuals act rationally and make decisions
based on self-interest. However, the emerging field of behavioural economics has
challenged these assumptions by showing that individuals do not always act rationally and
that their decisions can be influenced by a variety of factors, such as emotions and social
norms.
One example of how I violated one of the central assumptions of neoclassical
economics is by purchasing an item even though it was not the most cost-effective option. I
did this because I felt a personal connection to the brand and because I wanted to support a
company that I believed was doing good in the world. This decision went against the
assumption that individuals will always make the most cost-effective choice because my
decision was influenced by factors other than financial self-interest.
In summary, neoclassical economics relies heavily on assumptions of human
behavior that have been challenged by behavioral economics. The example I gave is one of
personal experience where i violated the assumptions of neoclassical economics by buying
an item not based on cost-effectiveness but based on personal reasons.