By Robert H. Frank
Robert Frank’s Microeconomics and behaviour covers the basic issues of microeconomics whereas exploring the connection among economics research and human habit. The book’s transparent narrative appeals to scholars, and its various examples aid scholars advance monetary instinct. This e-book introduces sleek themes rarely present in intermediate textbooks. Its concentration all through is to increase a student’s potential to "think like an economist."
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Additional resources for Microeconomics and Behavior (7th Edition)
Thus it makes perfectly good sense to be led by this motive to choose one restaurant over an otherwise identical competitor that happens to cost more. Once the price of your lunch has been determined, however, the getyour-money’s-worth motive should be abandoned. The satisfaction you get from eating another slice of pizza should then depend only on how hungry you are and on how much you like pizza, not on how much you paid. Yet people often seem not to behave in this fashion. The difficulty may be that we are not creatures of complete flexibility.
Why is airline food so bad? 1 Everyone complains about airline food. Indeed, if any serious restaurant dared to serve such food, it would quickly go bankrupt. Our complaints seem to take for granted that airline meals should be just as good as the ones we eat in restaurants. But why should they? The cost-benefit perspective says that airlines should increase the quality of their meals if and only if the benefit would outweigh the cost. The benefit of better food is probably well measured by what passengers would be willing to pay for it, in the form of higher ticket prices.
Here, the activity x consists of eating one more slice. For both groups, C(x) is exactly zero: Even members of the group that did not get a refund can get as many additional slices as they want at no extra charge. Because the refund group was chosen at random, there is no reason to suppose that its members like pizza any more or less than the others. For everyone, the decision rule says keep eating until there is no longer any extra pleasure in eating another slice. Thus, B(x) should be the same for each group, and people from both groups should keep eating until B(x) falls to zero.