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Category: Microeconomics

Rational Preferences

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An agent has rational preferences if her preferences fulfill two properties, that they are complete and that they are also transitive.

Normal good, inferior good, Giffen good

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Usually, goods are categorized into three different groups, which are: normal goods, inferior goods and Giffen goods.

Opportunity Cost

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Opportunity cost, to put it as simply as possible, is the price you have to pay in order to obtain something else.

Information asymmetry: The battle for data

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One key element that affects how people behave in different situations is the information they have about the issue. But, generally speaking, people do not possess same levels of information. This difference in the amount of information between two parties is known as information asymmetry.

The Lipstick Effect: what is it all about?

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  First brought into spotlight by Leonard Lauder, the chairman emeritus of The Estée Lauder Companies Inc., the Lipstick Effect states that during economic hardships and crises, consumers tend to buy more…

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  • Amos Tversky
  • Daniel Kahneman
  • cognitive bias
  • Milton Friedman
  • Wealth of Nations
  • Nobel Prize Laureate
  • Adam Smith
  • 20:20 ratio
  • law of small numbers
  • the halo effect
  • wealth inequality
  • income inequality
  • Law of Large Numbers
  • Dow Jones Industrial Average
  • status quo bias
  • Behavioral Economics
  • daniel kahnemann
  • hyperinflation
  • the gambler's fallacy
  • gambler's fallacy
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