Lecture Economics - Chapter 8: Behavioral economics: A closer look at decision making

Chapter 8 - Behavioral economics: A closer look at decision making. In this chapter you will learn: What time inconsistency is and how it accounts for procrastination and other problems with selfcontrol, why sunk costs should not be taken into account in deciding what to do next, what types of opportunity cost people often undervalue and why undervaluing them distorts decision making,...