A WORLD IN OBLIVION

Introduction : Behavioural economics is a relatively new field that combines insights from psychology, judgement, decision making and economics to generate a more accurate understanding of human behaviour. Economics has long differed from other disciplines in its belief that most if not all human behaviour can be easily explained by relying on the assumption that our preferences are well-defined and stable across time and are rational. Behavioural economics emerged against the backdrop of the traditional economic approach known as rational choice model. The basic message of behavioral economic is that humans are hard wired to make judgement errors and they need a nudge to make decisions that are in their own best interest. This approach complements and enhances the rational choice model. The Rational Consumer : Economists try to build efficient models by making simplified assumptions about consumer behaviour. One of the most common assumptions being that the consumer i...

knowledge from experience, something books cannot provide. Education ɛdjʊˈkeɪʃ(ə)n noun 1.    the process of receiving or giving systematic instruction, especially at a school or university. 2.    an enlightening experience. What is education for you? Typically, for a regular student, when we hear the word ‘education’ we tend to directly associate it with a picture of our classroom which leads to tests, assignments, grades, and marks. It is more of a tense competition where everyone is trying to be better than the other, beat the best, get the most prestigious college or job rather than actually being exposed to new things and learn it for their own selves. An experiment was done on 60 students in a class where they were asked a simple question on a regular basis - “how many of you actually woke up today to learn something new?” the maximum number of hands that were raised were 5. It might seem like that children don’t like school because they’...