Formulating coronavirus policy, politicians and physicians can look at the successful non-pharmaceutical interventions during the 1918-1918 pandemic.
We could say that we are looking at salad bar economics when we compare the price per pound at the salad bar to the produce aisle.
Shown by speed dating preferences and umpires’ strike calls, decision-making can be influenced by the sequence of prior events.
Combining economics and psychology, behavioral economics can explain why the decision-making of home plate baseball umpires is not always accurate.
Monetary incentives can influence a decision and distort the information we access for our cost and benefit research.
Our everyday economics includes scarcity, tradeoffs, cost, sustainability, hyperinflation, gender issues, externalities, African development, human capital.
With Whole Foods ranking produce as unrated, good, better, best, they are simplifying shoppers’ decision making and minimizing choice fatigue.
Default or shortcut options become more attractive when decision making takes too much energy because of choice fatigue.
With Election Economics having concluded, for the next 4 weeks, Monday posts will focus on topics that relate to behavioral economics. Let’s start with Hurricane Sandy and my own NJ neighborhood. Really though, we will be looking at how many of…