Emotions play a significant role in decisionmaking from "summary" of Misbehaving by Richard H Thaler
In the world of economics, emotions have long been considered an unwelcome intruder. The prevailing view was that people make decisions based on rational calculations, weighing the costs and benefits of each option before choosing the one that maximizes their utility. However, this assumption ignores the reality that humans are not always rational beings. Emotions can often cloud our judgment, leading us to make decisions that are not in our best interest.
One of the key insights of behavioral economics is that emotions play a significant role in decision-making. Our feelings and emotions can influence the choices we make, sometimes leading us astray. For example, we may choose to stay in a failing relationship because we are afraid of being alone, or we may continue to invest in a failing stock because we are too proud to admit that we made a mistake. In both cases, emotions are driving our decision-making process, often ...
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