Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Question
Chapter 21.1, Problem 3Q
To determine
Characteristics of purposeful behavior and enlightened self-interested behavior.
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What is the goal of behavioral economics?
Group of answer choices
To eliminate the consumers’ state of mind from consideration in economic analysis.
To shift economic theory from a mathematical base to more of a psychological study.
To integrate the insights of psychology into economics to enrich our understanding of decision-making.
To study consumer behavior over time rather than behavior in the moment and integrate these insights in economic analysis.
Behavioral economics assumes that people are ___. Traditional economics assumes that people are ___.
what are some keypoints about behavioral economics?
Chapter 21 Solutions
Microeconomics
Ch. 21.1 - Prob. 1QCh. 21.1 - Prob. 2QCh. 21.1 - Prob. 3QCh. 21.1 - Prob. 4QCh. 21.1 - Prob. 5QCh. 21.1 - Prob. 6QCh. 21.1 - Prob. 7QCh. 21.1 - Prob. 8QCh. 21.1 - Prob. 9QCh. 21.1 - Prob. 10Q
Ch. 21 - Prob. 1QECh. 21 - Prob. 2QECh. 21 - Prob. 3QECh. 21 - Prob. 4QECh. 21 - Prob. 5QECh. 21 - Prob. 6QECh. 21 - Prob. 7QECh. 21 - Prob. 8QECh. 21 - Prob. 9QECh. 21 - Prob. 10QECh. 21 - Prob. 11QECh. 21 - Prob. 12QECh. 21 - Prob. 13QECh. 21 - Prob. 14QECh. 21 - Prob. 15QECh. 21 - Prob. 16QECh. 21 - Prob. 17QECh. 21 - Prob. 18QECh. 21 - Prob. 19QECh. 21 - Prob. 1QAPCh. 21 - Prob. 2QAPCh. 21 - Prob. 3QAPCh. 21 - Prob. 4QAPCh. 21 - Prob. 5QAPCh. 21 - Prob. 1IPCh. 21 - Prob. 2IPCh. 21 - Prob. 3IPCh. 21 - Prob. 4IPCh. 21 - Prob. 5IPCh. 21 - Prob. 6IP
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Similar questions
- One topic of behavioral economics is?arrow_forwardIdentify and explain three differences between neoclassical economics economics and behavioral economics?arrow_forwardWhy do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental processes?arrow_forward
- Which scenario illustrates initiative as a motivator for behavior change? José notices that he doesn’t feel well when he drinks milk, so he eliminates milk from his diet. Alan’s girlfriend will buy him a new shirt if he stops using chewing tobacco. Gretchen thinks about how happy her doctor will be when he hears that she has been exercising regularly. Mike decides to take boxing lessons so that he can defend himself from bullies.arrow_forwardPeer pressure is an important influence on the behavior of youngsters. For instance, many preteens begin smoking because their friends pressure them into being “cool” by smoking. Using utility theory, how would you explain peer pressure? How would this compare with the explanations provided by behavioral economics and neuroeconomics?arrow_forwardIs it realistic to think that we account for rational behaviour in every situation?arrow_forward
- Herbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in what way?arrow_forwardThis is an economics-based multiple-choice question... Which of the following facts could not be explained by path-dependence? (choose one) A) Sue lives in the city in which she was born. B) Maria likes to cook the dishes her mother used to cook. C) Vanessa is the first person in her family to go to college. D) Ahmed has played piano since he was four years old.arrow_forwardWhat 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!”arrow_forward
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