What Can We Learn From Hunter-Gatherer Societies? Taking a Closer Look at the Endowment Effect

One of the bedrocks of (neo)classical economic theory is the premise that humans act as homo oeconomici or ‘economic agents.’ This boils down to the assumption that when given a choice between two items, people will make a rational decision and choose the item that they value the most. As simple and intuitive as the … Continue reading What Can We Learn From Hunter-Gatherer Societies? Taking a Closer Look at the Endowment Effect