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Behavioral Economics Chapter 1 Quiz

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Questions and Answers

In the standard economic model, what is the assumption about how people behave?

They behave randomly and indifferently

They behave unpredictably and altruistically

They behave irrationally and selflessly

They behave rationally and selfishly (correct)

What is 'Homo-economicus' in the standard economic model?

An actor who is rational and selfish (correct)

An actor who is impulsive and indifferent

An actor who is irrational and altruistic

An actor who is unpredictable and selfless

What does 'bounded rationality' take into account?

Emotional decision-making

Limited computational capabilities (correct)

Random decision-making

Unlimited computational capabilities

What are 'heuristics' in the context of decision-making?

Simple rules of thumb for decision-making Signup and view all the answers

What can result from using simple heuristics in decision-making?

Cognitive bias Signup and view all the answers

Which branch of neuroscience focuses on studying the brain while making economic decisions or evaluating economic outcomes?

Neuroeconomics Signup and view all the answers

What methodology, advocated by Milton Friedman, suggests focusing on prediction rather than the assumptions of models?

Methodology of positive economics Signup and view all the answers

Which hypothesis suggests that the standard economic model is a good predictor of outcomes in familiar situations?

Discovered preference hypothesis Signup and view all the answers

In an experimental study, what is the term for deliberately misleading a subject about the purpose of the experiment?

Deception in experiments Signup and view all the answers

What type of experiment requires that the experimenter does not know what treatment is being run during the experiment to avoid bias?

Double blind experiment Signup and view all the answers