When a person buys a more fuel-efficient car or air conditioner, we often observe them using it more intensively. As a result of this behavioral response, the reduction in energy consumption is partially undone. Economists refer to this behavioral phenomenon as: Select one: a. Additionality. b. Leakage. c. The rebound effect. d. Slippage.

When a person buys a more fuel-efficient car or air conditioner, we often observe them using it more intensively. As a result of this behavioral response, the reduction in energy consumption is partially undone. Economists refer to this behavioral phenomenon as: Select one: a. Additionality. b. Leakage. c. The rebound effect. d. Slippage.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 15E

See similar textbooks

Similar questions

why is behavioral economic beliefs better than traditional economic
Behavioral economics helps explain: which of the following????????????? a)why people are rational. b)why people are selfish. c)why being selfish is rational. d)the degree to which people are altruistic. Give typing answer with explanation and conclusion
What does behavioral economics have to say about each of the following statements? a. “Nobody is truly charitable—they just give money to show off.” b. “America has a ruthless capitalist system. Considerations of fairness are totally ignored.” c. “Selfish people always get ahead. It’s like nobody even notices!”
According to behavioral economics, consumers A. do not always behave rationally because they fail to ignore sunk costs. B. always behave rationally because they account for sunk costs. C. always behave rationally because they take into account monetary costs and nonmonetary opportunity costs. D. do not always behave rationally because they take into account nonmonetary opportunity costs. E. do not always behave rationally because they accurately project their future behavior.
The fundamental concept in behavioral economics is that due to psychological phenomena, individuals may behave in ways that were previously believed to be irrational according to classical economic theory. Choose T or F: a. True b. False
An economics professor finds that he strictly prefers a $10 bottle of wine over an $8 bottle, and a $12 bottle over a $10 bottle, and so on, but an $8 bottle over a $200 bottle. Explain why this makes him irrational according to a behavioral economics theory.
What is loss aversion? Explain how the topic is related to behavioral economics? Give at least two examples.
Suppose you are designing an intervention to increase daily physical activity among adults. Describe how you would draw on concepts from behavioral economics to design the intervention.
Explain behavioral economic belief
Could you please write your own words, not copy-paste or plagiarism issues Question: Discuss the concept of an “overconfidence bias” and why this bias can be seen as being a “double edged sword” in the context of behavioral economics
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
Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today? Please provide a detailed discussion. I will not give a positive rating for vague responses.