Behavioral Economics: Crash Course Econ 27
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Why do people buy the stuff they buy? In classical economics, most models assume that consumers behave rationally. As you've probably noticed in your real life, in case after case, people don't actually make rational decisions. There can be emotional or social reasons for all this irrationality, and behavioral economics tries to address this. We'll talk about risk, nudge theory, prices and perception, and the ultimatum game. So, let's get irrational, in a logical way, of course. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Comments
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I want to go into this field! Econ majors are going to have to take behavioral economics one day!
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Can you please do a video focussing on Short Run vs Long Run cost curves, specifically in micro economics????
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THANK YOU :D
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in denmark whe pay between 14 and 24 cents per plastic bag, when it's not free.
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Nudge theory, of course, should not be confused with noodge theory. Noodge theory is a formula for figuring out how much grief your mom will give you for forgetting to phone her.
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Hm, in that $ envelope situation I would go with the envelope choice b/c I don't NEED more money (If I did I would go with the low risk $).
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7:04 Is it what we eat in American schools? Damn I wish I went there…
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that wine study shows how bad people are
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great video. so helpful. tanks
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I am now watching your videos before my Economic class. My Natural Resource Econ teacher is dry and he goes on long tangents. Love these videos. Will you look into explaining Natural Resource Economics? Please.
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As the coin was spinning I'm thinking to myself, "I'm not giving up 50 bucks!" Damn these explanations are on the nose ha
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thanks for talking about ice cream while I'm homeless heroin/meth addict with no icecream
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Except for the mongols.
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The things I'd like to do to the blond woman ....
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perceptions and passions influence our passions! it rhymes!
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Economics and Behavioural Patterns - Under Rated Love story <3
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So classical economics would work if people were not... wait for it.... STUPID
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How would someone learn more about starting a career in this field? Are there careers in this field?
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Thanks for yet another excellent video! :)
In this video, you present the situation of a "bet" and claim that a positive average gain means it's rationally better, and avoiding it is driven by our irrational thoughts and feelings.
I would like to challenge that assumption with principles from this same Crash-Course;
What if we take into account the marginal profit one gets from every dollar here? maybe my ability to handle a loss isn't so great, as I'm working on a tight budget? every dollar I have has greater importance than the extra dollars which I don't even know yet what I want to use them for? Taken to the extreme - what if I need that money to survive, while having some extra is very nice but not nearly as crucial?
Looking at it in this way, wouldn't you agree refusing a coin-flip with an above zero average gain might be the sensible and rational decision?
DFTBA -
stop pandering and just say most people are idiots and irrational
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