Additional Resources for you to Explore
In the video above, the monkey act as perfect human analogs. We tend to have a instinctive notion of fairness from the time we are born, and we often react poorly to perceived lack of fairness, even at personal expense. This is only one example of a lack of of utility maximizing behavior. There are many more that we will begin to explore in the next module.
Now it is time for you to think about other types of irrational behavior you observe. You will complete a group assignment in which you will identify a behavior you believe to be irrational, evaluate the motivations and consequences of that behavior, and assess the value (good and/or bad) of that behavior. See the details on the Sources of Irrational Behavior Module 1 assignment in BlackBoard.