Behavioral Economics, Ep. 2: How Do Heuristics Help Distinguish Bad Choices From The Good?

from Learn Liberty

Here’s why we we eventually stop searching for soulmates… and shoes. Learn More:

How is it possible to make a rational purchase decision without seeing all the possible options? Humans have evolved low cost shortcuts for increasing the odds of finding the better options. The shortcuts are called Heuristics. Professors Anthony and Erika Davies of Duquesne University explain.


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Behavioral Economics (playlist): Heuristics, cognitive biases, public choice– oh my! Watch the entire series to learn more about behavioral economics at
Predictably Irrational (book): From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They’re systematic and predictable—making us predictably irrational.…
Economics Made Easy (playlist): Want to learn more about how the economy works? Check out our playlist for videos on immigration, the minimum wage, and much more!…

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