In economics, we assume that consumers are always rational; they buy goods and services which maximises their utility, although there are certain other things which refute the idea. For example, transitivity: A>B, B>C so A>C says the person will follow a predictable pattern always, but at times its violated, thus irrational. The branch of Behavioural Economics studies exactly what you have explained here. Science and economics are similar more than we can expect.
My postgrad wasn't in behavioural sadly, since you know we rarely have concentrated majors. I will take behavioural economics if I decide on a second one. Then I can explain it much better.
Wonderfully well written and explained. Odd that we both pulled the “thinking fast and slow” concept from the air. Oddly I hadn’t even read the book or your post first. You’ve really explained the concept well. Subscribed!
OMG!!! what are the odds!!! I just searched the book title, now that you just mentioned it!
Thank you, Greg, for the feedback, means a lot. I cannot wait to read your piece. I joined your newsletter as well as I am avid reader and love to be friends with people who share same interests.
In economics, we assume that consumers are always rational; they buy goods and services which maximises their utility, although there are certain other things which refute the idea. For example, transitivity: A>B, B>C so A>C says the person will follow a predictable pattern always, but at times its violated, thus irrational. The branch of Behavioural Economics studies exactly what you have explained here. Science and economics are similar more than we can expect.
I am sure you can articulate it better: A lot of scientific theories are there in the economics right?
My postgrad wasn't in behavioural sadly, since you know we rarely have concentrated majors. I will take behavioural economics if I decide on a second one. Then I can explain it much better.
Wonderfully well written and explained. Odd that we both pulled the “thinking fast and slow” concept from the air. Oddly I hadn’t even read the book or your post first. You’ve really explained the concept well. Subscribed!
OMG!!! what are the odds!!! I just searched the book title, now that you just mentioned it!
Thank you, Greg, for the feedback, means a lot. I cannot wait to read your piece. I joined your newsletter as well as I am avid reader and love to be friends with people who share same interests.
hello, lets connect. @1minuteproductivity
Very well articulated.👏
Thanks mate.