Our Bottom Line: Present Bias
A behavioral economist might have suggested that the calorie labels required by the Affordable Care Act will have a minimal impact because of our tendency toward a present bias. In the present, the cost of caloric restraint is considerable. We have a bias toward our current benefits and postponing the cost for later.
Ideal for the classroom, econlife.com reflects Elaine Schwartz’s work as a teacher and a writer. As a teacher at the Kent Place School in Summit, NJ, she’s been an Endowed Chair in Economics and chaired the history department. She’s developed curricula, was a featured teacher in the Annenberg/CPB video project “The Economics Classroom,” and has written several books including Econ 101 ½ (Avon Books/Harper Collins). You can get econlife on a daily basis! Head to econlife.