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Patrick Franklin
on Nov 25, 2024

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Sellers' sense of fairness is always consistent with the notion of rational self-interest of neoclassical economics.

Neoclassical Economics

An economic theory that focuses on how consumers and producers make choices based on their preferences, constraints, and available resources, emphasizing the role of supply and demand in determining prices and allocation of resources.

Rational Self-Interest

The principle that individuals will make decisions that they perceive to be the most beneficial to themselves, taking into account all available information.

  • Acquire knowledge on the influence of fairness perceptions and the endowment effect on economic decision processes.
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Sonam TenzinNov 28, 2024
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