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Epidemics, wages and income: exploring the economics of the Black Death

behavioural economics

Do reference points matter?

Have you ever considered how important your prior expectations are for the evaluation of the outcome you have just achieved? Katarzyna Werner investigates

Football fans in Brighton watch England’s World Cup semi-final match, July 2018

The England football team performed well in the 2018 World Cup, achieving their best result since 1990 by reaching the semi-finals. I spoke to a few of my English colleagues at the start of the World Cup — they did not put much faith in their team, hoping simply to advance beyond the group stage. In contrast, a few other friends firmly stood behind their team from the first minutes of the World Cup, believing in a victory.

So, how do you think these two groups of people feel about the England team beating Colombia on penalties in the last 16? Were they equally happy?

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Epidemics, wages and income: exploring the economics of the Black Death