Departures from Perfect Rationality
Challenges the traditional assumption of homo economicus. Introduces the concepts of bounded rationality, bounded willpower, and bounded self-interest.
About This Topic
Challenges the traditional assumption of homo economicus. Introduces the concepts of bounded rationality, bounded willpower, and bounded self-interest.
Key Questions
- Why do humans frequently fail to act as perfectly rational agents?
- What is bounded rationality and how does it affect consumer choice?
- How does bounded willpower impact long-term savings and consumption?
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