The blog

Too complex for comfort?

For a long time one of the core beliefs of economists was that given all relevant information, a person would make a rational choice given different alternatives. Hence, the explanation for all irrational decisions made was that not all information was available.


Decision making: a cognitive process of choice

Imagine that you are presented with a young man who has short, brown hair. He is of average build, around 20 years old, and is dressed smartly in a grey suit, white shirt, and a tie. His shoes are dress shoes but are scuffed.