Question: Behavioral economists argue that some human behavior does not fit neatly into the traditional economic framework. 1. Explain how utility received from relative rank can

Behavioral economists argue that some human behavior does not fit neatly into the traditional economic framework.
1. Explain how utility received from relative rank can make someone willing to accept a lower income level.
2. Describe compartmentalizing.
3. State the endowment effect.
4. Describe how experience influences the size of the endowment effect.

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