Differences Between NeoClassical and Cognitive Behavioral Economics

SmilingSerpent avatar
By SmilingSerpent



16 Questions

What is the basis of Cognitive BE, according to the given text?

What are the two definitions of rational behavior, as per the text?

What is NET (Neoclassical Economic Theory) based on, according to the given text?

Can the economic agent be rational if he takes a procedural behavior, according to the text?

What does Satisficing behavior imply, according to the text?

What are the main assumptions of SEM (Standard Economic Models), as per the text?

What is Loss aversion?

What are the two anomalies that can be explained with Loss aversion?

What is the Extremeness aversion?

What is the Preference reversal given the context?

What is Assymetric dominance?

What is the Similarity effect?

What is Cooperative game?

What is the difference in Nash Equilibrium of Prisoner's Dilemma in finitely repeated and infinitely repeated games?

What is Edgeworth model of social utility?

What is Simon’s Bounded Rationality?


Explore the variations between Neoclassical Behavioral Economics (BE) and Cognitive BE, where the former integrates rationality into economic models while the latter is rooted in bounded rationality. Gain insights into the standard economic models that preceded Neoclassical Economic Theory.

Make Your Own Quiz

Transform your notes into a shareable quiz, with AI.

Get started for free

More Quizzes Like This