USING HEURISTICS IN ECONOMIC DECISION MAKING | Mastering Complexity | Scoop.it

Classical economic theory considers a man as rational decision maker that takes into account all relevant information and makes decision that is optimal. This model of decision making was influential until it failed to predict and explain why people make irrational decisionsregarding money. Field of behavioral economics studies decision making that violates axiomsof rational decision-making model. The research we conducted is about prevalence of decisions under heuristics.


Via Alessandro Cerboni, Philippe Vallat