There is a concept in economics called “indifference curves”. These are a graphical picture of combinations of goods that would leave the consumer indifferent between the different combinations. Are ...

Casting the criminal as choosing between two bads-time served in jail and "good" behavior, the author uses five indifference curve exercises to show how changing the jail sentence and changing the ...

A decision-maker who has to choose between risky prospects, can always select the prospect which offers the greatest expected gain. In practice, however, it seems as if most decision-makers find it ...