Tagged: Sally Satel

The addictive choice - The Dismal Science

Eric Crampton Oct 08, 2013

Maybe the Becker-Murphy rational-addition model isn't so unrealistic after all. Becker and Murphy's model shows that even rational, forward-looking, fully informed individuals can choose to consume addictive substances, knowing and accepting that it will result in addiction. It isn't meant to describe each and every addict, but if we can show that addiction can be consistent with rational choice, we … Read More