ECN 601 Grand Canyon University International Economics Discussion

Description

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?

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In a situation that involves this type of behavior would be, when in my internship in Las Vegas. I was working in slots and learning every area of that part of the casino for 10 weeks, but coming from California to Nevada, I was away from my regular job and family with a whole new environment. The financial plan that I put myself on for food and living expenses did not account for other activities out there and trying to get a grasp on the full experience there were more emotional decisions made by those around me as opposed to rational behavior. This led to spending more money then I had accounted for before going out there, but as for behavioral bias’, I was thinking of being more in the moment than being logical and that led to gambling or spending more money than anticipated. Behavioral economics are based on seeing the decisions that people make financially and why, by looking into the psychology behind their actions. If I could go back in time, I would have said no to spending more money as a rational person financially, but as for trying to enjoy the experience I would not have taken those opportunities back. It is a very mixed feeling that compares what is emotional and what is done right as for economics and financially. (Kenton, 2003)

Kenton, W. (2003, December 28). Behavioral economics. Investopedia. https://www.investopedia.com/terms/b/behavioraleconomics.asp

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