This week’s topic of incentives gave me trouble trying to figure out what to write, as incentives is such a broad topic that can be discussed in so many different ways. Incentives are the motivation of why a person acts…
A short topic this week, but an important one nonetheless. Money Illusion refers to the tendency of people to think of currency in nominal terms (its face value), rather than real terms (its purchasing power). Consider the following question presented…
One of the most well-known economic theory papers is Prospect Theory, written by Kahneman and Tversky. Prospect Theory discusses how people violate Expected Utility Theory by valuing gains and losses differently from one another Before we get into Prospect Theory…
This is week two of my behavioral economics crash-course, where I’ll be giving a general overview of a few effects and biases that cause people to act irrationally. There’s so many more, some we’ll get to in later weeks, but…
This semester I was lucky enough to get into a special topic economics elective titled Behavioral Economics. As I’ve mentioned in the past, behavioral economics is one of the fields that I find most fascinating, and as this is the…
