Some people are rational whereas others are irrational.
Some people benefit more than others from controlling the virus (e.g. older vs. younger people).
Anti-Covid restrictions are more costly for some people than others (e.g. those with variable vs. fixed incomes).
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Learning objectives:
Understanding the concept of economic rationality, and in particular self interest and instrumental behaviour.
Understanding the concept of utility.
Understanding the concept of opportunity cost.
Understanding cost-benefit analysis.
Understanding that public policies create different costs and benefits for different individuals.
Understanding tha economic analysis can help us understand political behaviour.
Presentation videos: