Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Microeconomics & Individual Failure

  • 13-01-2011 11:21am
    #1
    Connorzee
    Registered Users, Registered Users 2 Posts: 679 ✭✭✭


    Right so i have a little assignment in college. It's on Market, Government and Individual Failure. Government and Market are grand, but i cant seem to get my head around Individual Failure, and cant find much online. It's wrecking my head as i imagine it's the easiest of the 3. Can anyone give an example of Individual Failure or define it without relating it to Market & Government failure.


Comments

  • #2
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,372 Mod ✭✭✭✭andrew


    Firstly, people are crap at assessing risk, they have 'recency bias' where they only take into account the short term. So they don't wear their seatbelt and do drugs, without regard for the long term consequences.

    Also, people aren't at knowing their own preferences sometimes; look up 'hyperbolic discounting.'

    'intertemporal choice' might be a good one to throw into google too.


  • #3
    Anonymous1987
    Closed Accounts Posts: 784 ✭✭✭Anonymous1987


    Perhaps look at money illusion also.


  • #4
    Connorzee
    Registered Users, Registered Users 2 Posts: 679 ✭✭✭Connorzee


    Cheers for those lads. They really helped. I think i've my head around it now, and if i add a few negative and positive externalities i should have it cracked.


Advertisement