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Efficiency and Improvement Theories

Economics is a study of choices and how you make those choices can be defined. Be it to maximize utility, to increase profit, or to improve a situation. Here are some: 1) Pareto Efficiency: a state where it is not possible to make one better without worsening another....

Presumptions of Self-control theories

Here are some thoughts on presumption of self-control theories. They are based on the presumption that we have bounded willpower and that there needs to be a course of action to which keeps in the individual on track to meeting goals and expectations. Thus they derive...

The Law of Small Numbers Explained

Here is a brief explanation on the law of small numbers. The Law of Small Numbers infers that when people see two small numbers that they have the natural propensity to round the numbers down to equal the same. This is a error in that small numbers may make a...

Social dilemmas in Behavior Economics

Social dilemmas are simple situations between a pair of people, to a group of people, that involve making decisions that will ultimately affect their well being and the well-being of the overall group. The ‘players’ in the social dilemma have the choice to...
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