People are strange. We all make decisions that are difficult to explain, sometimes even baffling. In particular, we make baffling decisions about how we spend. Why do we gamble, knowing that the casino is always in the green? Why do we hardly ever cancel subscriptions, even the ones we don’t use, and when we do, […]
Tag: economics
When one thinks of gambling, the image of bustling casinos, lotteries, or betting on sports comes to mind. In recent years, it has become possible to wager on virtually anything — the next Pope, politics, or even the weather. The common thread? The relentless pursuit of the thrill. This expansion of the traditional notion of […]
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Too good to be true?
As behavioral economics becomes the hottest economic theory for firms and policymakers promising easy and cheap fixes, it becomes crucial to remember that it also has its dark side. Over the past decade, behavioral economics has become the whiz kid of economic research. Suddenly, traditional models which relied on unrealistic assumptions were criticized and modernized. […]
Taking into account economic behavior in the environmental economic political process could change the impact of economic measures
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