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neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
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neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
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For non-economists, it is often difficult to understand why economists place so much emphasis on the self-interest motive. It is obvious that people act out of a variety of motives - gratitude, anger, social obligation and many, many other motives. There are several reasons why economists still...
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