![]() ![]() Opportunity costs are vague and abstract when compared to handing over actual cash. ![]() Giving up the opportunity to sell something does not hurt as much as taking the money out of your wallet to pay for it. ![]() People value things they already own higher (your endowment) than things that were available but not yet owned. Supposedly irrelevant factors (SIFs): Factors that economists consider irrelevant in influencing economic outcomes. The primary reason for adding humans to economic theories is to improve the accuracy of the predictions made with those theories.
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