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Behavioral economics

A collection of 3 posts
Cultural Chickens and Economic Eggs
Behavioral economics

Cultural Chickens and Economic Eggs

A father, a mother, and their children – this arrangement constitutes a “nuclear family”. Perhaps a misnomer today, the term was first used in 1924 to describe what many think of as a stable, traditional household[1]. In many ways, the perceived stability of a nuclear family comes from how neatly
Jul 1, 2021 4 min read
Behavioural economics: a primer
Behavioral economics

Behavioural economics: a primer

It has frequently been observed that people often reach different conclusions from the same set of information, based on how it is presented; this is referred to as the “framing effect.” Tversky and Kahneman (1981) showed how framing can affect the choice made between two life-saving programs. One group of
Mar 16, 2015 4 min read
Someone Give this Rational Agent a Heart!
adam smith

Someone Give this Rational Agent a Heart!

Economics as a discipline is a victim of huge misunderstanding. We are seen to be obsessed about utility maximization, profit maximization, efficiency and equilibria (to name a few among the many words in the economist’s vocabulary that appear to degenerate human behavior into some egotistical mathematical equation!). These perceptions
Apr 15, 2012 2 min read
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