Economic Choices

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August 31, 2024 4 min read Definitions
Anomalies: Economic Choices Defying Standard Theory
Economics Behavioral Economics Anomalies Economic Choices Behavioral Economics Expected Utility Theory Prospect Theory
Anomalies are economic choices that cannot be explained by standard choice theory based on the axioms of preference. The identification of anomalies has led to the development of behavioural economics and the rejection of expected utility theory.
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