MET Seminar - Paola Manzini (Bristol)
| Dates: | 24 April 2024 |
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| Times: | 17:00 - 18:00 |
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| What is it: | Seminar |
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| Organiser: | School of Social Sciences |
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| Who is it for: | University staff, Current University students |
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Title: Rationalising Choice via Opportunity Costs (with Marco Mariotti and Levent Ülkü)
Abstract: Opportunity costs - the value of the best alternative forgone when you make a choice - have been described as “one of the bedrock concepts of economics” and “perhaps the most important concept in all of economics”. Ignoring opportunity costs is an economic error. Most analysis focus on mistakes in figuring out the correct opportunity cost – but as we argue standard analysis relies on implicit assumptions (e.g. opportunity costs being linear). When these fail, the implications of taking into account opportunity cost in decision-making are not yet fully understood. We propose a theory of choice based on opportunity costs and study its behavioural implications.
Manchester Economic Theory (MET) schedule: http://daviddelacretaz.net/seminars/
Speaker website: https://seis.bristol.ac.uk/~bq21381/papers.html
Travel and Contact Information
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Boardroom 2.016
Arthur Lewis Building
Manchester
