Every theory, while trying to explain the socio-economic phenomena, is affected by the particular era in which it wishes to integrate; one might say that tradition, religion, technology and recent historical events are among the most important elements.
So what … Read more...
Clive sat gently on the stool. He opened the heavy wooden piano cover and the black and white keys appeared before him in order. As he was staring at and touching them with his fingers, old memories woke up in … Read more...
When it comes to savings, people seem to often deviate from the general laws of Life – Cycle theory which argue that households (or individuals) tend to maintain a stable level of consumption along time (Browning and Crossley, 2001).
During … Read more...
George and Peter, dear friends for more than 50 years although totally different, are having their morning coffee arguing about life as they have done so many times in the past. George, the more pessimist and introvert between the two, … Read more...
Shall I take the risk? Or leave it up to fortune? There might not be one absolute answer since every decision is different. Even the same person can make different choices in different times for the same dilemma (Thaler and … Read more...
Research in the field of behavioral economics has shown that people, as consumers, usually deviate from the model of consuming choices that maximize utility (Camerer, Loewenstein & Rabin, 2003).
However, having in mind that we might not always be rational … Read more...
