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Home Page Social Science Economics Managerial Economics Microecon Ch.8 - Flashcards

Microecon Ch.8 – Flashcards

Sarah Adrian
8 July 2022
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Regarding people's preferences, behavioral economists observe that these preferences are
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Fluid and easily influenced by framing
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When people make decisions that go against their own interests, neoclassical economics explains this to be instances where people are
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Ignorant of what their best interests are
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Behavioral economists have discovered the following things about people's reaction to losses
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People experience increasing marginal disutility from losses
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Some people's tendency to believe that they are better than average at making judgments or opinions is called the
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Overconfidence effect
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Many economists believe that the neoclassical theories of human behavior and the insights being accumulated in behavioral economics are basically
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Complementary to one another
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Behavioral economics attempts to make better predictions about human behavior by combining insights from the following fields, except:
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Physics
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Scientists studying human behavior have found that people tend to
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Make systematic errors in their decisions
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The following statements about behavioral economics are true, except
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It assumes that people are always rational, deliberate, and objective in their choices
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Myopia means
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A higher concern for the present
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So-called precommitments are effective ways of fighting
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Self-control problems
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What is the right structure for an essay
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A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.