Type:

Video

Description:

Why do we make bad choices? Making rational choices is expensive. It takes time and energy to collect the information necessary for rational thought, and it takes mental effort to apply rational thinking to the information we gather. For that reason, we occasionally use a different type of decision making all together. Professor Anthony Davies of Duquesne University and Erika Davies of George Washington University explain.

Subjects:

  • Social Studies > Economics

Education Levels:

  • Grade 11
  • Grade 12
  • Higher Education

Keywords:

behavioral economics, heuristics, decision making, rational choice, rational thought, cognitive bias

Language:

English

Access Privileges:

Public - Available to anyone

License Deed:

Creative Commons Attribution 3.0
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