Affect Heuristic –

Explained: This is Affect Heuristic When it comes to making decisions, we often rely on our gut feelings. This is because relying on our intuition allows us to make quick decisions without spending time analyzing all the possible options. However, research has shown that our intuition can sometimes lead us astray, especially when making judgments […]

How to derive a sound economic model for data science in international trade – The Armington Model

Introduction Data Science is often conducted without profound theoretical models. As shown in a previous post on the Armington Model this can lead to biased results leading to missinterpretation and wrong conclusions. In this post I will be deriving the Armington Model in order to give you an easy example of economic modeling. Let’s start […]

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