The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Live2Sail who wrote (139044)	8/4/2008 5:12:25 PM
From: Perspective	Read Replies (1) of 306849

<economists have this model of the rational decision maker. That's obviously not the case in real life.> Yeah, no $hit. I have a number of perfect examples of this within my own personal life. Perfectly sane, very intelligent individuals who are completely incoherent when it comes to rational economic decision making. 1. At what rate do you "discount" your personal time? Nevermind what you are paid at the office - if there is a task you'd rather not do, how much per hour are you willing to pay someone else before you will suck it up and do it yourself? $10/hour? $25/hour? $100/hour? $250/hour? I can't even get an answer on this one. Not even a rough idea. And the actions indicate a complete lack of understanding of the concept. They'll pay someone $100 to dig a hole in their yard, but then spend an hour on the internet trying to shave $10 off an electronics purchase. (I guess manual labor is just really disgusting to some people?) 2. Comparison shopping for clothes, but then not bothering to even get a second quote on hiring cleaning help (which will be charged dozens of times over the next year). BC

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