Podcast
Questions and Answers
What term do behavioral economists use to describe the way people actually behave?
What term do behavioral economists use to describe the way people actually behave?
- Satisficing (correct)
- Rationalizing
- Optimizing
- Maximizing
What concept involves mental shortcuts that allow people to make judgments quickly and efficiently?
What concept involves mental shortcuts that allow people to make judgments quickly and efficiently?
- Bounded rationality (correct)
- Forecasting
- Maximizing
- Rational expectations
What do some behavioral economists argue about using heuristics in decision-making?
What do some behavioral economists argue about using heuristics in decision-making?
- They are irrelevant in behavioral economics
- They always lead to optimal results
- They are only used by expert decision-makers
- They typically result in errors and biases (correct)
Which term is used to describe decision-making shortcuts or heuristics according to the text?
Which term is used to describe decision-making shortcuts or heuristics according to the text?
In behavioral economics, what is the term used for the way in which people actually behave?
In behavioral economics, what is the term used for the way in which people actually behave?
What do behavioral economists refer to as mental shortcuts that allow quick and efficient judgments?
What do behavioral economists refer to as mental shortcuts that allow quick and efficient judgments?
What is the main goal of behavioral economics?
What is the main goal of behavioral economics?
How does behavioral economics differ from conventional economics?
How does behavioral economics differ from conventional economics?
In behavioral economics, what influences people's decisions?
In behavioral economics, what influences people's decisions?
What is one key benefit of using insights from psychology in economic analyses?
What is one key benefit of using insights from psychology in economic analyses?
What are some factors that behavioral economics considers when studying decision-making?
What are some factors that behavioral economics considers when studying decision-making?
How does behavioral economics contribute to economic analyses compared to traditional economics?
How does behavioral economics contribute to economic analyses compared to traditional economics?
According to behavioral economics, how do people feel about losses?
According to behavioral economics, how do people feel about losses?
How does traditional economics differ from behavioral economics in terms of decision making?
How does traditional economics differ from behavioral economics in terms of decision making?
What concept refers to people's reluctance to let go of lost causes or avoid ambiguous outcomes?
What concept refers to people's reluctance to let go of lost causes or avoid ambiguous outcomes?
How do emotions and intuition influence decision making in behavioral economics?
How do emotions and intuition influence decision making in behavioral economics?
What drives people to sacrifice income and wealth in behavioral economics, even when faced with risks?
What drives people to sacrifice income and wealth in behavioral economics, even when faced with risks?
What term describes the phenomenon where individuals are willing to punish cheats and free riders even at the expense of their income?
What term describes the phenomenon where individuals are willing to punish cheats and free riders even at the expense of their income?
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