Bounded rationality, imperfect and costly information and sub-optimal outcomes in the sports and health and fitness industries

Abstract

We exemplify behavioural economics methodological approaches to decision-making and policy using the example of the health and fitness industry, choices made that affect the level of obesity, and athletes’, trainers’ and coaches’ choices with regard to realising targeted levels of performance. We go beyond a discourse on price and income and beyond a focus on systemic cognitive-based errors in decision-making. It is critically important to take into consideration individuals’ decision-making capabilities and the decision-making environment, which has critical social and institutional determinants, to better understand why sub-optimal choices are made by rational agents and the conditions under which better choices can be achieved.

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