Inconsistency affects success

BY RICHARD SEBAGGALA All of us at one point in time have acted against our better judgment and engaged in behaviour that we regretted later yet we could have avoided it with adequate forethought. The question is: How can we train ourselves to avoid such behaviour in future? Economists have for a long time been interested in understanding why people act the way they do. Oneofthegreatestinsights of early economists’ thinking was that individuals are intelligent, logical, selfish and always weigh costs against benefits, exhibiting time- consistent preferences. However, examples abound…

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