Who uses the cost-benefit rules of choice? implications for the normative status of microeconomic theory
We find three factors to be associated with use of cost-benefit rules in everyday decisions. These are effectiveness in achieving desirable life outcomes, intelligence, and training in economics. We argue that these empirical findings support the claim that cost-benefit reasoning is normative. © 1993 Academic Press, Inc.
Larrick, RP; Nisbett, RE; Morgan, JN
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