“Effectively solving some economic problems requires one to think in terms of differences while others require one to think in terms of ratios,” Dr. Mahmoudi said.
“Because both types of thinking are necessary, it is reasonable to think people develop and apply both types. However, it is also reasonable to expect that people misapply the two types of thinking, especially when less experienced with the context.”
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New Theory of Decision-Making Seeks to Explain Why Humans Don’t Make Optimal Choices
neurosciencenews.com
4 ideas
·1.12K reads
IDEAS CURATED BY
People consider relative differences and not only absolute differences when making various economics decisions, even in those cases where the rational model dictates that people should consider only absolute differences. A new theory seeks to explain why.
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