Human beings tend to make irrational economic decisions when they are free to focus on the irrelevant details of the purchases they make. The reason was the fact that scarcity breeds rationality, found in a study by University of Chicago. Their findings have implications for individuals facing their own budgetary choices and for policymakers working with budget constrained communities around the world. The researchers began their inquiry with a finding ...Monday 8 December 2014
Rationality Depends on Availability
Human beings tend to make irrational economic decisions when they are free to focus on the irrelevant details of the purchases they make. The reason was the fact that scarcity breeds rationality, found in a study by University of Chicago. Their findings have implications for individuals facing their own budgetary choices and for policymakers working with budget constrained communities around the world. The researchers began their inquiry with a finding ...
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