Are low-income delinquents reacting against middle-class values, as Cohen contends, or is there a low-income culture with its own set of values and attitudes with which delinquents are conforming, as Miller contends?
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Are low-income delinquents reacting against middle-class values, as Cohen contends, or is there a low-income culture with its own set of values and attitudes with which delinquents are conforming, as Miller contends?
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- Behavioral economics Indicate whether each of the following examples of behavior is consistent with the way the traditional economic framework suggests people should act, or whether it is reserved for behavioral economists to examine. Reserved for Consistent with the Predictions of Behavioral Example Traditional Economic Models Economics Some people care about how much money they make relative to other people rather than their absolute level of income. Some people would be willing to make a large sacrifice in order to help a loved one. Some people treat $55 they earn differently from $55 they win in a random drawing. Some people choose to work fewer hours after receiving a raise at work.Indicate whether each of the following examples of behavior is consistent with the way the traditional economic framework suggests people should act, or whether it is reserved for behavioral economists to examine. Consistent with the Predictions of Traditional Reserved for Behavioral Economics Example Economic Models Some people treat $80 they earn differently from $80 they receive as a gift. Some people would be willing to pay money to lower the incomes of others. Some people sacrifice disposable income to help their children pay for college. Some people choose to work fewer hours after receiving a raise at work.Indicate whether each of the following examples of behavior is consistent with the way the traditional econiomic framework suggests people should act, or whether it is reserved for behavioral economists to examine. Consistent with the Predictions of Traditional Economic Models Reserved for Behavioral Economics Example Some people would be willing to make a large sacrifice in order to help a loved one. Some people care about how much money they make relative to other people rather than their absolute level of income. Some people treat $95 they earn differently from $95 they win in a random drawing. Some people choose to work fewer hours after receiving a raise at work.
- like to be perceived. This underlying psychological force is what often spurs a person to fill this perceived gap (i.e., between where I am and where I want to be) through a purchase. The underlying force driving the individual to fill the gap is also referred to as the individual's:Indicate whether each of the following examples of behavior is consistent with the utility-maximization framework of traditional economics or is better explained by concepts developed by behavioral economists. Example Consistent with the Predictions of Traditional Economic Theory More Effectively Addressed by Behavioral Economics There are people who pursue a degree in theater rather than engineering, even though engineering careers are usually much higher-paying. Some people treat $55 they earn differently from $55 they win in a random drawing. Some people would pay money to lower the incomes of others. People at all-you-can-eat restaurants eventually leave, even though they could continue eating for free.Peer 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?
- Compare and contrast Jevon’s and Gossen’s view of the equimarginal rule for maximizing consumer utility. Which approach best captures the current state of knowledge in microeconomic theory? Why?Can ethnocentric predisposition result in Cultural and Marketing Myopia? Justify your answer with an example.Which statement best exemplifies current motivation theories? The reinforcement approach to motivation has been found to be superior to other motivational models. The motivational models that make strong economic assumptions regarding human motivation have received the most universal acceptance. There are several approaches to motivation, and one or another may be useful in specific organizational contexts, with specific individuals or groups, at different times. Freud's psychodynamic theory of motivation has generally been supported with the strongest empirical evidence.
- A company has a dental plan for its employees. According to behavioral economics, the participation rate will be about the same wether people are given en easy enrollment form to fill out or are enrolled automatically but given en easy opt-out form to complete if they don’t want to participateDo you believe in the principles of behavioral economics as the new way to guide economic thought and theory or are the fundamentals of traditional economics(eg. Efficient Markets Hypothesis) a necessary baseline which enables us to then understand deviations from rationality? Why? Give two examples of both real-life irrationality (behavioral economics) and rationality (traditional economics).Sean is arguing with his girlfriend, Yvette. They have been going out for a little more than two years. YVETTE: I'm leaving you, Sean. Get over it. SEAN: Are you saying that being single will make you happier than you've been with me? Speaking personally, I think the utility we've had in this relationship was much more than you could have had if you'd been single this whole time! YVETTE: I had taken an economics class and the word "utility" rings a bell. It's not that at all. We've had a fine time. It's that the utility I would get by continuing our relationship isn't worth it anymore. SEAN: I've never been dumped by someone citing the law of before. You're a piece of work, you know that? Yvette doesn't hear. She has already walked off, leaving Sean feeling like something of a sunk cost.