Information failure and Rational Choice | Livestream | Aiming for A-A* Economics 2024

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If you found this session useful, please give it a thumbs up! Thanks to everyone who joined us live! Here are the video timestamps: 00:00 Introduction 04:03 Exam gold on information failure 06:29 MCQs 12:16 Information gaps & sub-optimal choices 16:17 Causes of information failure in the car insurance market 20:19 Causes of increases in car insurance premiums 24:41 Information failure in the fast fashion market 29:38 Bounded rationality 32:35 Heuristics in action 34:47 Akerlofs lemons 38:48 Overcoming information failure in the used car market