How do value judgements influence economic decision making and policy?

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Hella Pachino
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I have tried to find the answer for this online but I don't get it because the explanations are way too long and they are not straight to the point and they also use many examples. I would firstly like to have a simple explanation of why value judgements influence economic decision making and policy and then some examples just so I get a better understanding. Thanks in advance..


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Tanqueray91
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(Original post by Hella Pachino)
I have tried to find the answer for this online but I don't get it because the explanations are way too long and they are not straight to the point and they also use many examples. I would firstly like to have a simple explanation of why value judgements influence economic decision making and policy and then some examples just so I get a better understanding. Thanks in advance..


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A value judgement is just that - a judgement. People will judge situations differently, and their judgement of a policy, or a decision will be different. Different people have different judgements on different things, and so whilst one person may judge that a policy will help reduce debt, another may judge that it'll worsen it.

We judge economic decisions and policies differently, just like we judge people differently...
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Henry.m17
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Decision making systemsFollowing the lead of Nobel Prize winner, Daniel Kahneman, behavioural theorists often use the two systems model to explain how decisions are routinely made.System 1System 1 is automatic and uses short-cuts to make quick decisions, often based on common sense estimates and emotional reactions to choice.System 2System 2 is a more deliberate decision making process, using conscious thinking an reflection. System 2 is much slower than System 1, and hence, in situations where a quick decision is required, System 1 is often the dominant system. While System 1 is often more convenient, it is subject to biases and errors which can lead to irrational decision making. System 2 is, however, more easily manipulated - perhaps towards decision making that is harmful to individual consumers, and to third parties.I got this from http://www.economicsonline.co.uk/Beh...g_systems.html
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