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Microeconomics & Individual Failure

  • 13-01-2011 10:21am
    #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.


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