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behavioral economics
An Introduction To Behavioral Economics 3rd Edition Nick Wilkinson, Matthias Klaes - Solutions
Describe the method of using choice tasks to elicit information, discussing any problems and how they may be overcome.
Explain the difference between stationary discounting and constant discounting.
Explain what is meant by consumption independence, giving an example.
Explain what is meant by a ‘target worker’, and why such workers behave in contrasting ways to the predictions of the standard model of labor supply.
Explain why default options are important, giving two examples.
Explain the factors that are relevant in trade-in pricing.
Explain why governments might want to use the opposite type of policy to disaggregated pricing, and instead aggregate prices or costs to the consumer.
Explain what is meant by disaggregated pricing; why would marketers use such a tactic?
Explain what is meant by ‘emotional accounting’, giving an example.
Why would people prefer to pay by credit card and pay 12% interest when they have a savings account with sufficient funds paying them only 3%?
Why are people more reluctant to replace a $20 theater ticket if they have lost it than if they have lost $20 cash? What principle of the standard model does this violate?
Explain the mental accounting rule ‘segregate small gains from large losses’, and give an example relating to marketing.
minutes to save $5 on a $15 calculator but not for a $125 dollar jacket. What principle of PT is relevant here?
Explain why people may drive for
Show, using a numerical example, how the TAX model accounts for risk-aversion.
Describe the fundamental difference between PT and configural weights theories.
Explain the nature and purpose of imprecision theory.
Explain the steps in the priority heuristic process.
Use a numerical example to explain the principles of cancellation and dominance.
Explain the difference between a descriptive and a normative theory. How do EUT and PT compare in these respects?
Give three reasons from behavioral economics why people tend to prefer travelling by car than by plane.
Why is the decision-weighting function important in PT?
Give an example of an experiment where neuroeconomics has been helpful in explaining people’s behavior.
Explain the ‘end-of-the-day effect’ in gambling in terms of PT.
Explain the endowment effect in terms of the experiment with pens and mugs. What principles of PT are relevant here?
Use two numerical examples to explain the difference between risk-aversion and risk-seeking.
How do EUT and PT differ in their views of risk-aversion and risk-seeking?
How does Pinker’s three-act tragedy relate to the NM and to PT?
John McEnroe has been quoted as saying ‘the older I get, the better I used to be’.Explain this is terms of PT.
Give two examples of how managers can reduce the effects of contagion.
Explain why contagion is relevant in supermarket shopping; give two examples of how the concept of contagion can affect people’s shopping habits.
Explain why people may be reluctant to ‘tempt fate’.
Give an example of a situation where projection bias can result in a bad decision.
Explain why people tend to avoid betting on numbers that have recently won in a lottery, but also may want to buy their tickets from a store where a big-winning ticket has recently been sold.
Explain what is meant by ‘the law of small numbers’.
Explain what is meant by base rate bias, giving an example.
Explain what is meant by the representativeness heuristic, giving an example.
Explain the ‘hard-easy’ phenomenon and why it occurs.
Explain the difference between overestimation and overplacement, and why this distinction is important.
When is hype not hype?
Explain what is meant by salience in the context of anomalies in the standard model.
Give an example of a decoy effect, and explain how it can be used in marketing.
Explain what is meant by the paradox of choice.
Explain what is meant by arbitrary coherence, giving an example.
Explain what is meant by a framing effect and give an example.
Why are wanting and liking different?
Explain the significance of the difference between decision utility and experienced utility.
Give an example showing the difference between preference and choice; what may account for this difference?
Explain what is meant by the ‘peak-end’ rule and its implications as an anomaly in the standard model.
Explain the term RPE, and its implications for utility theory.
Explain the neuroeconomic basis of loss-aversion.
Give an example of an experiment where neuroeconomics has been helpful in explaining people’s behavior.
Explain what is meant by neuroeconomics imposing constraints on economic theory, giving an example of how this might happen.
Explain the ‘behavioral sufficiency’ argument.
Explain what is meant by the term consilience, giving an example.
Explain what is meant by ‘reverse inference’ and why it is problematical in terms of analysis.
Explain what is meant by neuroeconomics and describe four issues that have been raised by its use.
Explain three issues that have been raised with the methods used in behavioral economics.
Describe the advantage and disadvantages of an experimental study compared with a field study.
Describe the differences between a within-subjects study and a between-subjects study, giving examples of each.
Explain the meaning of reductionism as it is used in the chapter, giving an example.
Explain why theories should not be evaluated on the basis of their assumptions.
Explain the difference between a descriptive and a normative theory.
Explain what is meant by evolutionary psychology and why it is related to behavioral economics.
Give four examples of phenomena that cannot be explained by the NM.
Summarize the assumptions of the NM.
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