Behavioral Economics, Ep. 2: How Do Heuristics Help Distinguish Bad Choices From The Good?
Here’s why we we eventually stop searching for soulmates… and shoes.
How is it possible to make a rational purchase decision without seeing all the possible options? Humans have evolved low cost shortcuts for increasing the odds of finding the better options. The shortcuts are called Heuristics. Professor Antony Davies of Duquesne University and Erika Davies of George Mason University explain. Watch the entire series at http://hayekandchill.com/economics/.