Fairness

Fairness is treating individuals equally and impartially, without discrimination or bias, based on personal characteristics such as race, gender, religion, or socio-economic status. It is about ensuring everyone has an equal opportunity to succeed and that no one is disadvantaged or discriminated against due to factors beyond their control. Fairness is a fundamental value in any society and essential for creating a just and equitable world.

Rational Decision under Uncertainty

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 8, 2021 / Foundations of Economics, Behavioral Economics, Economics, Economics of Pandemics, Health risks, Leadership and Management, Personal Finance

Rational Decision under Uncertainty Read Post »

How would an individual make a rational decision under uncertainty? This article explains how economists characterize decision-making under uncertainty. Economic models always focus first on decisions under certainty and then introduce uncertainty later in the learning process. The focal point here is how this affects the rationality of agents’ decisions to use scarce resources. 1. Introduction to Rational Decision under Uncertainty We are all faced with daily situations where we have to make decisions that will lead to different outcomes immediately or later. Such decisions occur under uncertainty of results. Economic theory explains this problem in the models of decision-making

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Fairness

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Rational Decision under Uncertainty

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