Are You Irrational? Behavioral Economics Explains Decision-Making

Are You Irrational? Behavioral Economics Explains Decision-Making

Do you consider yourself an irrational person? Most people would say no, they're a highly rational person. This is because we usually don't like to perceive ourselves in a seemingly negative light. Rationality is defined as "the quality of being based on or in accordance with reason or logic". However, we are human and with that comes human thoughts, emotions, and behaviors. So surprisingly

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Nobody Likes Losing: Loss Aversion Explained

Nobody Likes Losing: Loss Aversion Explained

Nobody likes change. This is a fundamental aspect of life that everyone can relate to. When things are shifted from something we're very familiar with to something we're not familiar with, we become uncomfortable. I go more in depth into this a little in a previous post about Nostalgia as well as my post about Stubbornness. Today I'm going to talk about how we hate to

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