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ECN 340 (202)
Lecture

Habits, Addictions, Traditions

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Department
Economics
Course
ECN 340
Professor
Thomas Barbiero
Semester
Fall

Description
Habits Addictions and Traditions y Habitual Behavior a positive relationship between past and current consumption Another way of looking at it is that past and current consumption are compliments Examples of habits using heroin jogging attending religious institutionsy The more I smoked in the past the more I enjoy smoking now y Habits are harmful is present consumption lowers future satisfaction utility Example smoking now will mean deterioration health and a shorter life in the future Habits and Addictions y Habits are beneficial if greater present consumption raises future utility Example regular physical exercise y Very strong habits are more likely to be harmful than beneficial y A persistence of a habit requires that past consumption raises the satisfaction or present consumption Listening to a song in the past brings you pleasure nowy Addiction is a very strong habit y Past and behavior Habits and preferences formed during childhood can persist a lifetimey Traditions habits from the distant past y Habits economize on decisionmaking Even in new environment peoples habits chang
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