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12 October, 09:23

Regarding people's preferences, behavioral economists observe that these preferences are:

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  1. 12 October, 09:47
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    Fluid and easily influenced by mindset or framing

    Explanation:

    The preferences of people is borne out of the effective weighing of the costs, benefits, constraints of options presented to them. This rational power (mindset) makes the preferences of people flexible (fluid) as it makes people immune to external factors, emotions, etc in determining what is best for them.

    Cheers.
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