08
Feb
15

Homer Economicus or Homer Sapiens? Behavioral Economics in The Simpsons

See on Scoop.itBounded Rationality and Beyond

Do It With Models September 2013 Behavioral economists study the ways in which people act irrationally (i.e. at odds with their objective long-term best interests), and behavioral economics research has identified and characterized a number of consistent biases in decision making. An interesting feature of the characters in The Simpsons is that they illustrate many of the specific biases that behavioral economists study, including timeinconsistency, loss aversion, bounded rationality, and susceptibility to framing effects. Despite these “human” characteristics, however, none of the characters can be viewed as purely rational or irrational, and this feature contributes to the relevancy and longevity of the show.

See on economistsdoitwithmodels.com

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