Tag: utility
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Episode 8: Time Discounting and Time Preference
How humans perceive time is a tricky question, and one that I am not going to answer today. Too much unknown and unexplored psychology and not enough behavioral economics. Maybe how humans perceive time is a more interesting question, I’m not sure. But what is easier to measure is how much you are willing to…
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Episode 6: Using the idea of “utility” to calculate “value”
Economics gets a bad reputation for being wrong about things, or only measuring things in terms of dollars or GDP (gross domestic product). But most of these “bad raps” are simply because people don’t understand what economics is, and what it is actually capable of. When I talk about “economics”, I’m not talking about Adam…
