Tag Archives: decision making

Choices in the rear view mirror

(featured image credit: Fred Langridge) A bad experience may look very different when it’s behind you. How bizarre! Imagine a multi-day public transport strike is called for next week. You can’t take time off, or work from home, and it’ll totally … Continue reading

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Noisy people

(featured image: Mysid/Wikimedia) Our decision-making is biased, but an even bigger limitation is that it is noisy. So what? The loudest and longest standing criticism of neoclassical economics is that it assumes us meatbags are rational, self-interested, utility maximizing individuals, … Continue reading

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Why choosing can be better than picking

(featured image credit: Penn State) Life is an endless string of choices. The way we make them matters In the 1982 movie Sophie’s Choice (after the eponymous book by William Styron), the central character (played by Meryl Streep) faces a dramatic … Continue reading

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What do we want? Control!

(image credit: Sarah Ross/CC) Control and freedom of choice are important to us, and we are prepared to pay real money for it. But things are not always that simple… ‘A la carte’ – a posh French phrase that implies something … Continue reading

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A voter’s burden

(featured image: carnagenyc) Voting, like so many things in life, is about the difficult task of weighing up many, often conflicting options. Maybe a (behavioural) economics perspective can help cut through it? On 18 April, Prime Minister Theresa May called a … Continue reading

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Identity on the scales

(credit for featured image: jackmac34/pixabay) How the groups with which we identify influence how we make our own trade-offs (and not always for the better) All else being equal, when faced with two choices, a rational, self-interested person making a … Continue reading

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Wisdom or certainty?

(featured image credit: PeterKraayvanger/pixabay) Both wisdom and certainty are valuable, but if you have one, you can’t have the other Whenever we decide to spend money on something, we are doing what economists call allocating a scarce resource one way rather … Continue reading

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