Podcast
Questions and Answers
In the standard economic model, what is the assumption about how people behave?
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?
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?
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?
What are 'heuristics' in the context of decision-making?
What can result from using simple heuristics in decision-making?
What can result from using simple heuristics in decision-making?
Which branch of neuroscience focuses on studying the brain while making economic decisions or evaluating economic outcomes?
Which branch of neuroscience focuses on studying the brain while making economic decisions or evaluating economic outcomes?
What methodology, advocated by Milton Friedman, suggests focusing on prediction rather than the assumptions of models?
What methodology, advocated by Milton Friedman, suggests focusing on prediction rather than the assumptions of models?
Which hypothesis suggests that the standard economic model is a good predictor of outcomes in familiar situations?
Which hypothesis suggests that the standard economic model is a good predictor of outcomes in familiar situations?
In an experimental study, what is the term for deliberately misleading a subject about the purpose of the experiment?
In an experimental study, what is the term for deliberately misleading a subject about the purpose of the experiment?
What type of experiment requires that the experimenter does not know what treatment is being run during the experiment to avoid bias?
What type of experiment requires that the experimenter does not know what treatment is being run during the experiment to avoid bias?
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