Storytelling and Policymaking in Economic Modelling
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Questions and Answers

What is one potential benefit of including narratives in economic modeling?

  • Adding unnecessary information to economic models
  • Increasing the complexity of economic models
  • Making economic models more confusing
  • Enhancing the explanatory power of economic models (correct)

    • How can narratives be useful in explaining crises, investment decisions, brands, and policies?

  • By adding irrelevant details that distract from the main issues
  • By making the models more complicated and harder to analyze
  • By confusing policymakers and hindering decision-making
  • By providing a chronological account that enables better understanding (correct)

    • Why has the traditional approach to policy analysis disliked the role of narratives in policy making?

  • Because it values evidence over storytelling (correct)
  • Because politicians are not skilled at storytelling
  • Because narratives are considered too emotional for policy making
  • Because it sees politicians as technicians rather than storytellers

    • In the context of policy analysis, what does 'value-laden stories' refer to?

    <p>Stories that have hidden agendas or biases</p> Signup and view all the answers

    How can narratives help policymakers and politicians see each other from different perspectives?

    <p>By simplifying complex issues into clear narratives</p> Signup and view all the answers

    What role do politicians traditionally play in the storytelling process according to the text?

    <p>Storytellers with visions and values</p> Signup and view all the answers

    What is the main focus of the paper mentioned in the abstract?

    <p>Exploring the impact of narratives and stories on various aspects of human life</p> Signup and view all the answers

    What are the three major categorized aspects on which narratives have an impact as mentioned in the paper?

    <p>Economics and finance, policymaking, society</p> Signup and view all the answers

    How are narratives and stories described in the introduction?

    <p>Synonymous terms revolving around characters and plot lines</p> Signup and view all the answers

    In which fields do narratives have an impact according to the paper?

    <p>Economics, policymaking, society</p> Signup and view all the answers

    What is the primary difference highlighted between narratives and stories in the text?

    <p>Narratives encompass past events while stories may include fictional elements</p> Signup and view all the answers

    How does the paper aim to uncover more insights according to the abstract?

    <p>By exploring different explanations about socio-economic and cognitive aspects of narratives and stories</p> Signup and view all the answers

    Why can one phenomenon have different explanations in financial markets?

    <p>Due to the use of narratives to convey meaning differently.</p> Signup and view all the answers

    What contributes to biases in decision-making processes?

    <p>Relationship between the storyteller and the audience.</p> Signup and view all the answers

    How does a storyteller have an advantage over a listener?

    <p>By having insights into unexplainable events.</p> Signup and view all the answers

    What characteristic makes narratives in financial markets influential?

    <p>Conveying specific meanings in diverse ways.</p> Signup and view all the answers

    Why is the conventional approach ineffective in explaining asset bubbles?

    <p>It assumes humans always act rationally.</p> Signup and view all the answers

    What distinguishes behavioral finance from traditional finance theories?

    <p>Behavioral finance uses stories to explain financial phenomena.</p> Signup and view all the answers

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