With his first paycheck, Hailey decides to buy a car. After spending hours researching the many specifications

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With his first paycheck, Hailey decides to buy a car. After spending hours researching the many specifications each car has—from gas mileage to horsepower—she decides to give up trying to find the perfect car based on these metrics and buys the best-looking one on the first lot he visits. Explain one aspect of bounded rationality discussed in the text that this example exhibits.

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Microeconomics

ISBN: 9781260521078

3rd Edition

Authors: Dean S. Karlan, Jonathan J. Morduch

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