Joining Economic Rationality with Psychology in Decision Making-Response
I will venture a guess that you never expected to see the word neuroscience used in an economics course, yet here it is describing the tenants of behavioral economics. Richard Thaler has now won a Nobel Prize developing the theory on this new approach to economic decision making. What he does is to join the tenants of economic rationality with psychology in decision making. Provide an example of your behavior which made sense to you but was perhaps not strictly rational in the economic sense.