behavioural economics

National | World | Economic History | Pop Eco | Interactive Articles

Cultural Chickens and Economic Eggs

Which comes first? As economists become more and more willing to investigate this relationship, we may be inching closer to an answer. Joel Lee explores the expanding field of cultural economics.

Thinking, fast and slow by Daniel Kahneman

There’s a lot to be learned about economics beyond lecture halls, journals and the news. Books can provide a holistic, sometimes radically different, perspective on the role of economics. What can we learn from these books? With our new weekly book review, ESSA intends to find out. This time, read on for our review of: Thinking, Fast and Slow.

You get what you pay for: Behavioural economics and the GFC

Although there were many causes of the Global Financial Crisis, it is evident that the irrational behaviour of individuals had a huge role to play.

A major behavioural factor that contributed to the GFC was risk-taking behaviour; both by the employees at financial institutions, and by the general public.

This article first appeared in Short Supply 2017 – check out the full magazine via the Short Supply tab at the top of this page!

Why the long queue?

If you’re a self-confessed “foodie,” you’re probably all too familiar with long queues to eat at your favourite trendy establishments. You’ve probably never stopped, however, to think about the economics of those annoying queues. Aleisha Hall explores the science of queuing.

The sunk costs fallacy: an unlikely friend

Sunk costs are one of the first things any economics student learns about. For the uninitiated, a sunk cost is defined as ‘a cost that is already incurred and cannot be recovered’. Specifically, it is taught that any rational decision maker should not take sunk costs into account when making decisions. This might seem like …

Read more

E-con? Economics and Irrationality

Economic models of old can’t explain why anyone would buy a lottery ticket. But using behavioural economics, we might one day be able to fully model human behaviour, writes Jesse Condie.

Behavioural economics: a primer

The rational man is known well to any classical economist, writes Philip Grossman. But his devilish counterpart, the irrational man, is uncharted territory. Enter behavioural economics.

Behavioural economics: why do we study at university?

My friends, the end of the semester is approaching, and there is a distinct lack of motivation in the air. That’s right, final exams are looming upon us, and understandably we are unenthusiastic about it. While I enjoy my studies, I dislike burning the midnight oil, drinking copious amounts of coffee just to stay up late at night to squeeze in that last little inch of knowledge into my brain. In times like these, I wonder why we slave away through the torture that is studying just to get good marks. My friends, why do we put up with this? Why do we choose to study at university?

Read more