RE: Relative Utility Approach

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Relative Utility Approach

in economics •  5 years ago 

Economics crosses over into many other fields. Psychology being a big overlap when we look at behavioural economics.

Economics often relies on historical data or past behaviour to predict the future. This is problematic as circumstances, preferences, and environments change. It might be possible to establish patterns of behaviour to predict future behaviour. This is very difficult to do on a larger scale.

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