Latest News

Foundations of Economics: The Law of Scarcity Most of the basic laws of economics focus on ways to efficiently build...

Consumer Economics: What is the Market Absorption Rate? In school, some students avoid economics because they might feel as though...

Economics is a study of choices and how you make those choices can be defined. Be it to maximize utility,...

Here are some thoughts on presumption of self-control theories. They are based on the presumption that we have bounded willpower...

Here is a brief explanation on the law of small numbers. The Law of Small Numbers infers that when people...

Social dilemmas are simple situations between a pair of people, to a group of people, that involve making decisions that...

Back to some behavioral economics. Thaler cites three stylized facts about horsetrack betting, they are as follows: 1. Most betters...

In mental accounting there are three main components to this theory. The three of them are as follows and may...