Describe possible ethical issues about privacy as a result of business and government use of big data, focusing on behavioral economics, and using correlation rather than cause and effect for decisions.
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- Which of the following are examples of common behavioral errors in decision making (multiple correct answers; check all that apply). A. Always paying more than true willingness to pay. B. Letting unrecoverable sunk costs influence ongoing decisions for when such costs have no bearing on benefits and costs going forward. C. Making different decisions when an identical problem is framed in two different ways, especially when one is framed in terms of gains and the other in terms of losses. D. Always saving too little. E. Generally spending too little on high-quality, high-priced items. F. Settling on a default alternative in the face of a difficult or complex decision G. Considering the average cost and average benefit, instead of the marginal cost and marginal benefit, When choosing whether a little more or less should be bought or produced.Could you please write your own words, not copy-paste or plagiarism issues Question: Discuss and provide examples of why context and identity are important determinants in affecting decision making processes in the context of behavioral economicsThe tendency of people to discount long-term values more than they do near-term values—making many people "future blind"— is known in behavioral economics as myopia. anchoring. framing effects. time inconsistency.
- Could you please write your own words, not copy-paste or plagiarism issues Question: Discuss the concept of relativeness in the context of decision making and happiness from behavioral economicsProspect theory is based on behavioral economists' understanding of how people what? react to good things (or gains) and bad (or losses). make predictions about their future income. search for job prospects or business prospects. behave under stressful conditions.Why might prospect theory-like behavior be rational? Why do many behavioral economists argue that such behavior irrational?
- What is the mostly commonly used utility functions for the following and why: Risk Aversion Risk Seeking Risk NeutralLoss aversion refers to the idea that people ________. generally tend to avoid risky activities are more prone to making losses than gains in day-to-day transactions psychologically weight a loss more heavily than they psychologically weight a gain are unwilling to undertake expenditures that reduce the probability of future lossesCollege Retirement Equities Fund (CREF) is a pension fund that has billions of dollars invested in the stock market. Fund participants recently voted on a proposal that would have placed strict limits on the amount of compensation paid to CREF executives. Why do you think 75 percent of the participants voted against the proposal? Provide an economic argument against the proposal.
- How does the implementation of behavioral economics principles influence the success of fundraising campaigns for non-profit organizations?The governments role in terrorism insurance is that of - disinterested observer - innocent bystander - a reinsurance provider of last resort/ re-insurerThe value of a successful project is $420,000; the probabilities of success are 1/2 with good supervision and 1/4 without. The manager is risk neutral, not risk averse as in the text, so his expected utility equals his expected income minus his disutility of effort. He can get other jobs paying $90,000, and his disutility for exerting the extra effort for good supervision on your project is $100,000. (a) Show that inducing high effort would require the firm to offer a compensation scheme with a negative base salary; that is, if the project fails, the manager pays the firm an amount stipulated in the scheme. (b) How might a negative base salary be implemented in reality? (c) Show that if a negative base salary is not feasible, then the firm does better to settle for the low-pay, low-effort situation.