Discussion board 300 words.

Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?

Solution Preview

Behavioural biases are wrong behaviours caused by erroneous decisions that are damaging unless one is lucky the results are normally harmful or negative. Rational behaviour, on the other hand, is based on making choices that result in the most benefits for the individual.

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