In a building in Colaba constructed in the 1940s, two identical apartments exist under radically different rental arrangements. One family moved into its flat in 2011; another had occupied a similar apartment since it was built. The former’s apartment was restored before being leased and regularly serviced during the tenancy. In the latter, the roof […]
Category: Economics and Policy
Behavioural economics is a field that merges insights from psychology with economic theory to understand how and why individuals and institutions make decisions. Unlike conventional economics, behavioural economics is based on observations of human behaviour, which have demonstrated that people do not always make the rational, or best decisions, which is an assumption made by […]
Why do firms engage in price wars that reduce profits for everyone involved? Why do consumers rapidly adopt digital payment systems once others begin using them? Why do countries enter strategic rivalries even when cooperation would benefit all sides? Game theory attempts to answer these questions by studying strategic interactions — situations in which the […]
A Little Bit of Existence 