Daily Life Economics

Tag: consumption

  • Security or Adventure? An Economist’s Take on Risk Preferences

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    Are you seeking security or adventure? Risk preferences are a central concept in economics that describes how individuals make decisions under uncertainty. Here’s how economists define it: Risk-averse individuals prefer a certain outcome over a gamble with the same expected value. In other words, they avoid uncertainty—even if taking a risk might result in a…

  • Can we have it all? A economics perspective

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    What does “having it all” mean to you? Is it attainable? From an economist’s perspective, “having it all” can be interpreted through the lens of utility maximisation—a core concept in economics that refers to how consumers allocate scarce resources (like time, money, and energy) to satisfy unlimited wants and needs. In theory, the more a…