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MATERIALS FOR WEEK 1: Modelling individual choices

Wander Jager; Katarzyna Abramczuk

This week we will reflect on how people make decisions and judgments. We will think about what a rational decision is and how it can be modeled. We will see how choice behavior may change depending on the circumstances. Finally we will discuss the theory of bounded rationality developed by psychologists and economists and see how it can help us understand choices when information available is scarce and cannot be relied upon.

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