Microeconomics (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134184241
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Chapter 19, Problem 5RQ
To determine
Anchoring
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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.
Behavioral economics
Indicate whether each of the following examples of behavior is consistent with the way the traditional economic framework suggests people should
act, or whether it is reserved for behavioral economists to examine.
Reserved for
Consistent with the Predictions of
Behavioral
Example
Traditional Economic Models
Economics
Some people care about how much money they make relative to other
people rather than their absolute level of income.
Some people would be willing to make a large sacrifice in order to help a
loved one.
Some people treat $55 they earn differently from $55 they win in a
random drawing.
Some people choose to work fewer hours after receiving a raise at work.
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
Chapter 19 Solutions
Microeconomics (9th Edition) (Pearson Series in Economics)
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