Topics
Degree of addiction
This measures the extent to which people habitually buy and consumer certain products even when there is a significant change in price and/or information about the effects of their decisions. According to economist Gary Becker, strong addiction to a good requires a big effect of past consumption of the good on current consumption.
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What is habitual consumption and what causes it?
Study Notes
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Government Intervention - Price Cap for Online Slot Machines to be cut
22nd February 2024
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Behavioural Theory in Action (Behavioural Economics)
Topic Videos
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Government regulates stakes on fixed-odds machines
31st October 2017