Logic of Life by Tim Term Paper

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Teenagers, in deciding to choose oral sex versus "regular" sex, thought about not only the health consequences of oral sex in terms of their susceptibility to acquire sexually-transmitted infection or HIV / AIDS, but they also took into consideration that the cost of subsisting to oral sex is much, much lower than regular sex. This decision, of course, owes to the fact that there is a lesser chance for teenagers to be infected sexually, which could incur unexpected expenses (cost of doctor consultation, tests, and medicines, among others).

Choosing one's date or partner in life is also determined to be the work of economic decisions, particularly driven by the game theory. As the author pointed out, one's tendency to date a particular 'type' of individual (i.e., short, tall overweight, attractive, etc.) is dependent on the availability of these types during the event wherein one has to make an economic decision -- that is, to date or not to date the individual.

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Harford qualifies, "…the importance of preferences is still less than the importance of the market opportunity" (66). In addition, the seemingly irrational decision to pay high salaries to managers and executives is demystified through the tournament theory, which Harford defined in this context by quoting the creator of tournament theory, Ed Lazear: "[t]he salary of the vice president acts not so much as motivation for the vice president as it does as motivation for the assistant vice presidents" (99). These issues are evidently best understood when the underlying economic, rational explanations are uncovered, dissected and organized in their correct contexts.

Reference:

Harford, T. (2008). The Logic of Life. NY: Random….....

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