New Model Reveals How Economic Choices Impact Society Across Industries
The article discusses how people can't process all information available, so they choose what to focus on. This affects their decisions in economics, finance, and more. By combining behavioral insights with traditional economics, a new model is created. This model shows how people's choices are influenced by economic conditions and lead to different mistakes. It can help answer policy questions and suggests further research. Unlike most behavioral models, this one can study how people adapt their biases to changes in policy or the economy.