ECON-451 Behavioral Economics
Why do people tip at restaurants that they will never go to again? Why do people pay for health club memberships that cost them more than if they just paid at the door each time they went? Why do successful bidders tend to bid in the final minute in online auctions? Recent research involving both economics and psychology has identified ways in which human behavior consistently deviates from standard rationality. Topics which explore these deviations include time-inconsistent preferences, emotion, attitudes toward risk, overconfidence, information processing problems, and altruism.
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