The Marketplace of Perceptions _Craig Lambert_.pdf Just as "perfect competition" may be more of an ideal than a description of an actual market, so to the idea of "economic man"
The Marketplace of Perceptions _Craig Lambert_.pdf Just as "perfect competition" may be more of an ideal than a description of an actual market, so to the idea of "economic man"
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The Marketplace of Perceptions _Craig Lambert_.pdf
Just as "perfect competition " may be more of an ideal than a description of an actual market, so to the idea of "economic man", who always acts with rational self-interest. Please follow the above link and respond to an article that discusses the rise of behavioral economics as a relatively new field of study in the last 30 years.
Share two things:
what do you recognize in your own behavior that is described as 'behavioral economics' in the article.
identify an issue from world news that is better understood when seen through the lens of behavioral economics.
"Economic Man makes logical, rational, self-interested decisions that weigh costs against benefits and maximize value and profit to himself. Economic Man is an intelligent, analytic, selfish creature who has perfect self-regulation in pursuit of his future goals and is unswayed by bodily states and feelings. And Economic Man is a marvelously convenient pawn for building academic theories. But Economic Man has one fatal flaw: he does not exist."
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