Because gun violence is portrayed frequently on television and in movies, people mistakenly assign too high of a probability that they will fall victim to gun violence and too low of a probability to more likely but less publicized events. This phenomenon illustrates which one? that events are poorly framed by the media. that people suffer from hindsight bias. the effect of the availability heuristic. the self-serving bias at work.

Because gun violence is portrayed frequently on television and in movies, people mistakenly assign too high of a probability that they will fall victim to gun violence and too low of a probability to more likely but less publicized events. This phenomenon illustrates which one? that events are poorly framed by the media. that people suffer from hindsight bias. the effect of the availability heuristic. the self-serving bias at work.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section1.1: How People Make Decisions

Problem 1QQ

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When consumers were given the opportunity to select a package of ground beef labeled “75% lean” or a package of ground beef labeled “25% fat,” most consumers chose “75% lean.” Why? What concept from the chapter does this illustrate? The reason is that consumers are swayed by cheap talk. Cheap talk is the concept. The reason is that consumers are much more likely to choose the alternative framed as the positive option. This is called a framing effect. The reason is that consumers infer the value of a product from positive advertising. This is called inference induction. The reason is that consumers respond better to higher numbers. They feel they are getting more because 75 is greater than 25. The concept is the endowment effect.
When Alicia looses $100 reacts much stronger than when she finds a $100 bill. This is referred to as______________________. normal rational behavior shortage loss aversion
There is a desirable good, the number of units of which is determined stochastically—either 1 or 2 units are available with probability 0.5 each. Individual 1 knows how many units are available but 2 does not. Individual 1 can propose to give individual 2 either 0 or 1 unit of the good. Then individual 2, after seeing 1’s proposal, either accepts or rejects the proposal. In the event of rejection, both individuals receive zero units. Each person cares only about the number of objects she obtains, i.e., her utility function is given by u(x) = x, where x denotes the number of units of the good received.Model this strategic environment as an extensive form game and answer the following questions.1. Specify the normal form representation (using matrix) of this extensive form game. Explain what players’ strategy sets are and how you derive their payoffs.2. Find the set of all pure strategy Nash equilibrium of this game.
Purposeful behavior means that: people are selfish in their decision-making. people weigh costs and benefits to make decisions. people are immune from emotions affecting their decisions. decision-makers do not make mistakes when weighing costs and benefits.
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What is loss aversion? Group of answer choices The tendency to focus more on the loss than the gain. The tendency of an individual to invest all of their resources to avoid losing. The ability of humans to exercise complete self control in high stakes situations to avoid losing. The temptation company’s face to invest in questionable techniques to avoid losing money.
Explain two or more of the behavioral economics concepts listed below and give an example of each Response Parameters Perhaps you can provide a link to a graphic or a video that enhances your discussion. Concepts: Confirmation bias, overconfidence effect, hindsight bias, availability heuristic, planning fallacy, framing effects, anchoring, endowment effect, status quo effect
Suppose a hot-dog vendor asks your advice for improving the sales. Based on the lecture videos, provide two behavioral suggestions. For each suggestion, explain the behavioral bias that the suggestion is based on. Explain each suggestion in detail and the reasons why it could increase the sales. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Rational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or false
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		that events are poorly framed by the media.
		that people suffer from hindsight bias.
		the effect of the availability heuristic.
		the self-serving bias at work.