Behavioral Economics, Ep. 3: Why Do We Make Poor Decisions?

Why do we make bad choices?

Making rational choices is expensive. It takes time and energy to collect the information necessary for rational thought, and it takes mental effort to apply rational thinking to the information we gather. For that reason, we occasionally use a different type of decision making all together. Professor Antony Davies of Duquesne University and Erika Davies of George Mason University explain. Learn more at hayekandchill.com/economics