Presence And Incentives: Marginal Thinking When Buying Organic Food
Running head: PREFERENCE AND INCENTIVES 1
Preference and Incentives
Aubrey Clifton
Regent University
PREFERENCE AND INCENTIVES 2 I have seen someone respond to incentives and use marginal thinking when buying food at the grocery store. The person decided to buy more organic foods because they were better for him, although the costs were definitely higher for each product. The benefits of this move are probably better food resulting in better health overall. The cost to buying organic groceries is higher prices for the food because of the way it was grown and produced. In Common Sense Economics, weighing costs and benefits is revealed as the key to making good decision: “The concept of marginalism reveals that it is the marginal costs marginal benefits that are relevant to sound decision making. If we want to get the most out of our resources, we must undertake only actions that provide marginal benefits that are equal to or greater than marginal costs.” (Gwartney, Stroup, Lee, & Ferrarini, 2010, p 13).
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