Behavioral Economics and Cognitive Biases
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Questions and Answers

What is the effect of the 2nd option on the order of preference between options 1 and 3 in the case of choosing a journal subscription?

  • It reverses the order of preference between options 1 and 3 (correct)
  • It increases the preference for option 1 over option 3
  • It eliminates the preference for option 3
  • It has no impact on the order of preference

    • What is the primary goal of Drew Westen's experiment in the case of detecting contradictions?

  • To analyze the brain activity of political partisans (correct)
  • To compare the decision-making processes of liberals and conservatives
  • To evaluate the rationality of political judgments
  • To identify the contradictory statements of politicians

    • What is the result of Drew Westen's experiment in terms of the judgment of contradictory statements?

  • Liberals judged Kerry's statements as contradictory and Bush's statements as noncontradictory, and vice versa for conservatives
  • Liberals tended to judge Kerry's statements as noncontradictory and Bush's statements as contradictory, and vice versa for conservatives (correct)
  • The judgment of contradictory statements was not influenced by political affiliation
  • Liberals and conservatives judged both Kerry's and Bush's statements as contradictory

    • Is the behavior observed in the case of choosing a journal subscription considered rational?

    <p>No, because it is influenced by an irrelevant option</p> Signup and view all the answers

    What is the main implication of Drew Westen's experiment in terms of rational decision-making?

    <p>Political partisans tend to be irrational and biased in their judgments</p> Signup and view all the answers

    What is the common theme between the two cases discussed in the text?

    <p>The influence of external factors on decision-making</p> Signup and view all the answers

    What is the title of the book referenced in the text that discusses the hidden forces that shape our decisions?

    <p>Predictably Irrational</p> Signup and view all the answers

    What is the primary assumption of Behavioral Economy?

    <p>Economic agents do not follow their best interest</p> Signup and view all the answers

    According to Plato, what role should Reason play in relation to passions?

    <p>Reason should be the master of passions</p> Signup and view all the answers

    What is the primary function of practical Reason according to Hume?

    <p>To adapt means to ends</p> Signup and view all the answers

    What is the role of desires in Hume's philosophy?

    <p>Desires give the ends, and Reason calculates the means</p> Signup and view all the answers

    What is the question raised regarding practical Reason in the context of Hume's philosophy?

    <p>Can practical Reason give us absolute prescriptions independent of desires?</p> Signup and view all the answers

    What is the concept of Reason that is described as 'instrumental'?

    <p>Reason as the calculator of means to achieve ends</p> Signup and view all the answers

    What is the reference to Immanuel Kant's philosophy in the context of this discussion?

    <p>A discussion of absolute prescriptions independent of desires</p> Signup and view all the answers

    What is the primary function of desires according to the synthesis mentioned in the text?

    <p>To provide the ultimate goal or destination</p> Signup and view all the answers

    What is the primary orientation of theoretical Reason according to Aristotle?

    <p>Towards knowledge and understanding</p> Signup and view all the answers

    What is the consequence of desires preventing Reason from playing its role?

    <p>Something is going wrong</p> Signup and view all the answers

    What is the role of Reason in the synthesis mentioned in the text?

    <p>To lead on the right path to achieve our ends</p> Signup and view all the answers

    What is the relationship between truth and coherence in the context of theoretical Reason?

    <p>Coherence is a prerequisite for truth</p> Signup and view all the answers

    What is the implication of theoretical Reason being impeded by faculties not oriented at truth?

    <p>It is very inconvenient to arrive at our ends</p> Signup and view all the answers

    What is the primary function of desires in the context of practical Reason?

    <p>To give the ultimate goal or destination</p> Signup and view all the answers

    What is the relationship between desires and Reason in the synthesis mentioned in the text?

    <p>Desires and Reason should complement each other</p> Signup and view all the answers

    What is the primary goal of theoretical Reason according to the text?

    <p>To understand truth and coherence</p> Signup and view all the answers

    What is the implication of desires not providing the ultimate goal or destination?

    <p>There will be an impediment to achieving our ends</p> Signup and view all the answers

    What is the primary consequence of disregarding contradictions, according to Result 2?

    <p>Providing positive emotions</p> Signup and view all the answers

    What is the term for the irrationality of not tracking one's own best interest?

    <p>Practical irrationality</p> Signup and view all the answers

    Which philosopher described the human soul as having three parts?

    <p>Plato</p> Signup and view all the answers

    What is the purpose of the Rational part of the soul, according to Plato?

    <p>To rule the entire soul</p> Signup and view all the answers

    What is the term for the harmony achieved when the Rational part of the soul rules?

    <p>Real freedom</p> Signup and view all the answers

    Which part of the course will explore the question of human origin and purpose?

    <p>Part III</p> Signup and view all the answers

    What is the allegory used by Plato to describe the role of Reason in the soul?

    <p>The Chariot Allegory</p> Signup and view all the answers

    What is the primary goal of adapting our beliefs according to the Third Principle of Reason?

    <p>To correspond with the facts and evidence</p> Signup and view all the answers

    What is the primary characteristic of a theory that is internally coherent but has no link to the facts?

    <p>It is a conspiracy theory</p> Signup and view all the answers

    What is the principle that guides our choices to ensure they align with our best interests?

    <p>Principle of Means-Ends</p> Signup and view all the answers

    According to the concept of Practical Reason, what is the primary flaw in our journal subscription choices in the example given by Dan Ariely?

    <p>We fail to adapt our means to our ends</p> Signup and view all the answers

    What is the term used to describe the rationality of adapting our choices and means to our best interests?

    <p>Economic Rationality</p> Signup and view all the answers

    What is the primary objective of the Faculty of Reason?

    <p>To adapt our beliefs and choices to the facts and evidence</p> Signup and view all the answers

    What is the term used to describe the principle that our beliefs should correspond with the facts and evidence?

    <p>Norm of Truth</p> Signup and view all the answers

    Study Notes

    Irrationality and Reason

    • Irrationality can manifest in two ways: irrational preferences, where individuals do not track their own best interest, and irrational blindness to contradiction, where individuals do not track truth.

    The Faculties of the Mind

    • Traditionally, the mind is comprised of Reason, Passions, and Desires, with Reason being the rational part, Passions being the spirited part, and Desires being the appetitive part.
    • According to Plato, the soul has three parts: Rational, Spirited, and Appetitive, and the proper harmony of the soul is when the Rational part rules.

    Practical Irrationality

    • Case 1: choosing a journal subscription, where the 2nd option changes the order of preference between options 1 and 3, showing irrational preferences.
    • Case 2: detecting contradictions, where partisans tend to judge statements attributed to their preferred candidate as non-contradictory and statements attributed to the opposing candidate as contradictory.

    The Faculty of Reason

    • The norms of Reason include Internal Coherence, Orientation to Truth or Facts, and the Norm of Truth or Evidence.
    • Theoretical Reason is oriented towards knowledge and Truth, whereas Practical Reason is oriented towards action and adapting means to ends.
    • The principles of Practical Reason include the Principle of Means-Ends and the Principle of Best Interest, which together form Economic Rationality.

    Should Reason "Rule"?

    • Plato argues that Reason should rule, as it provides coherence and harmony in the soul.
    • Hume, on the other hand, argues that Reason is a slave to the passions and should only adapt means to ends given by desires.
    • There is an element of truth in both perspectives, with Reason playing a role in maintaining coherence and adapting means to ends, but also being influenced by desires and passions.

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