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opportunity costs

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The Food Court Dilemma
behavioural economics

The Food Court Dilemma

It’s lunchtime and you’re standing in the food court. That feeling hits – the ‘food court feeling’; being so overwhelmed with choice that you can’t decide what to have for lunch. It’s not a good feeling. In fact, the more you walk around the food court, the
Aug 19, 2016 5 min read
Rationality on trial in three exhibits
cost-benefit analysis

Rationality on trial in three exhibits

Practically every first-year Commerce student is introduced to Microeconomics through the all-important assumption of rational decision-makers: a “rational” person makes a decision by comparing the marginal benefit of an action against the marginal cost it incurs. The economy as visualised in the textbooks is made up of all these rational
Aug 31, 2014 4 min read
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