Topics
Computational Weakness
Irrationality arises when consumer’s decisions are dominated by computational weakness. This occurs when consumers find it difficult to calculate the probability of something happening when they make purchasing decisions. For example, people may underestimate the long-term health consequences of eating processed meats or relying heavily on prescription painkillers.
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Rational Decision Making and Consumer Welfare
Topic Videos
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Rational Behaviour (Quizlet Revision Activity)
Quizzes & Activities
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Behavioural and Neo-Classical Economics (Revision Essay Plan)
Practice Exam Questions
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Behavioural Theory in Action (Behavioural Economics)
Topic Videos