behavioral economists

Behavioral Economists homework
Varian Chapter 31 describes 22 different observations of behavioral economists.  These are

  1. Framing effects
  2. Positive framing
  3. Negative framing
  4. Anchoring effect
  5. Bracketing
  6. Too much choice
  7. Constructed preferences
  8. Law of small numbers
  9. Asset integration hypothesis
  10. Risk aversion
  11. Excess risk aversion
  12. Loss aversion
  13. Exponential discounting
  14. Hyperbolic discounting
  15. Time inconsistency
  16. Self-control
  17. Commitment devices
  18. Overconfidence
  19. Ultimatum game
  20. Strategy method
  21. Fairness norms
  22. Punishment games

Your tasks:

  1. From this list of 22 items, select 4 by these rules:
  2. select one behavioral observation from the list of items numbered 1 through 6
  3. select one behavioral observation from the list of items numbered 7 through 11
  4. select one behavioral observation from the list of items numbered 12 through 17
  5. select one behavioral observation from the list of items numbered 18 through 22

List your selections and state why you picked these from the list of other options.

  1.   Write a paragraph where you compare and contrast the characteristics of the four behavioral observations that you have selected. Explain in detail how they are alike and how they are different.
  2. Select two of the four items that you have picked and explain in detail how those two items directly affect an aspect of financial planning or financial decision-making.  Does the behavioral item that you are describing help or hinder consumers from achieving improved financial status and well-being.  Explain.
  3. Focus on the other two of the four items that you have picked and explain in detail how those two behavioral responses compare and contrast with traditional, rational microeconomic theory.

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