Wednesday, June 8, 2011

Homo economicus?

From How, and When, to Make a Decision in The Economist's More Intelligent Life magazine:

If all our decisions are so influenced by external factors, that raises an inevitable question: to what extent are we involved in our own decision-making? Professor Ackerman believes the answer is very little: “All of these subtle influences suggest that most of what is causing our behaviour we are really not aware of. People are just very good at post-hoc reasons for their behaviour.

Tastes and preferences, mentioned and then immediately set aside in most microeconomics courses, seem to me to be the overriding inputs in almost all personal decisions. Marketers figured this out a long time ago. What's taking economists so long?

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