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Explain behavioral economic belief
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- why is behavioral economic beliefs better than traditional economicBehavioral economics incorporates insights from which other field of study? A. Psychology B. Political science C. Sociology D. AnthropologyIn Behavioral Economics, what does it mean to say that people like to “play with the house’s money”? What is wrong with that phrase?
- What is loss aversion? Explain how the topic is related to behavioral economics? Give at least two examples.The fundamental concept in behavioral economics is that due to psychological phenomena, individuals may behave in ways that were previously believed to be irrational according to classical economic theory. Choose T or F: a. True b. FalseWhat is the goal of behavioral economics? Group of answer choices To eliminate the consumers’ state of mind from consideration in economic analysis. To shift economic theory from a mathematical base to more of a psychological study. To integrate the insights of psychology into economics to enrich our understanding of decision-making. To study consumer behavior over time rather than behavior in the moment and integrate these insights in economic analysis.
- What is the purpose of the two fields of study neuroeconomics and behavioral economics?why might people tend to be overconfident?A student finds that his purchase of drawing pencils for art class is directly related to the amount of art paper he buys. According to behavioral economics, these art supplies would be classified as A. complements. B. independents. C. alternatives. D. substitutes.Behavioral economics helps explain: which of the following????????????? a)why people are rational. b)why people are selfish. c)why being selfish is rational. d)the degree to which people are altruistic. Give typing answer with explanation and conclusion
- When a person buys a more fuel-efficient car or air conditioner, we often observe them using it more intensively. As a result of this behavioral response, the reduction in energy consumption is partially undone. Economists refer to this behavioral phenomenon as: Select one: a. Additionality. b. Leakage. c. The rebound effect. d. Slippage.Explain two or more of the behavioral economics concepts listed below and give an example of each Response Parameters Perhaps you can provide a link to a graphic or a video that enhances your discussion. Concepts: Confirmation bias, overconfidence effect, hindsight bias, availability heuristic, planning fallacy, framing effects, anchoring, endowment effect, status quo effectParker's shares of stock in ACME Corporation lost $100 in value, but his shares in XYZ, İnc. gained $350. According to behavioral economics research, how would Parker feel as a result of these changes? Multiple Choice Parker would feel about the same. Parker would feel better off. Parker would feel worse off. Behavioral economics research suggest that the intensity of losses versus gains follows no measurable pattern.