Game Theory and Economic Behavior
Altruism is the selfless concern for the well-being of others, often resulting in actions that benefit others at a cost to oneself. This concept challenges the traditional view of rational self-interest in economic behavior, suggesting that individuals may act against their own interests to help others. Understanding altruism is crucial for analyzing experimental evidence and behavioral biases, as it sheds light on how and why people sometimes prioritize collective welfare over personal gain.
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