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Mapping human behavior and understanding why people do what they do has been a cornerstone in different schools of philosophy. If asked to participate in a $50 coin toss on a regular Tuesday afternoon, a consumer caught off-guard is likely to decline the offer but may go on to spend over $500 next Friday at the casinoㅡwhere there is a lower probability of winning.

A decision of this kind is clearly not in line with the utility maximization theory which refers to the idea that individuals and firms strive to make economic decisions that give them maximum satisfaction. This satisfaction…

Nikita Daga

An ambitious and enthusiastic high school student currently pursuing the International Baccalaureate Diploma at the Canadian International School, Bangalore.

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