Choosing Less a Form of Protection, Says New Study on Decision-Making, University of Toronto Study
Imagine you have a choice to make. In one scenario, you'd get $8 and somebody else -- a stranger -- would get $8 too. In the other, you'd get $10; the stranger would get $12. Economists typically assume you'd go for the $10/$12 option because of the belief that people try to maximize their own gains. Choosing the other scenario would just be irrational.