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Learnings Mental Models

The Keynesian Beauty Contest: Unraveling the Psychology of Decision-Making

Introduction In the realm of decision-making, the Keynesian Beauty Contest is a mental model that sheds light on the intricate relationship between human psychology and rationality. Coined by renowned economist John Maynard Keynes, this concept explores how individuals make choices based not on their personal preferences but on what they believe others’ preferences to be. […]