How do behavioral economics principles alter traditional supply-demand assumptions in modern markets?

Traditional economic models often rely on the assumption of rational behavior, where individuals make decisions aimed at maximizing their utility based on available information. However, behavioral economics introduces psychological insights into these models, suggesting that cognitive biases, emotions, and social factors often skew rational decision-making. This raises critical questions about how these insights might transform classic supply-demand interactions in the market. With the rise of digital platforms and sophisticated marketing strategies that exploit these behavioral tendencies, understanding the deviation from rational behavior becomes even more crucial. How might these shifts fundamentally change our understanding of market equilibrium and the effectiveness of policy interventions designed to influence consumer behavior?