The Economics of Information
Lecture no. 8 from the course: Thinking like an Economist: A Guide to Rational Decision Making
Taught by Professor Randall Bartlett | 29 min | Categories: The Great Courses Plus Online Economics & Finance Courses
Safety, like everything, has a cost; at some point, being a little safer costs more than it is worth. By studying how economists evaluate risk, learn how the concept of expected value permits rational decision making in situations with risk, but also brings its own set of dangers.