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. If you were asked to describe what this person is like […]
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. The research by Kahneman and Tversky, 2002 Nobel Prize winners in economics, showed […]