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According to Galbraith, why is it bad for society to be impacted by the Dependence Effect?
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- Indicate how autarkic policies are linked to dependence theories;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?Define Degree of necessity?
- How does the principle of duality influence decision-making in economics?Which of the following arguments could disprove the idea that humans are rational beings? Humans are also relational beings by nature, and in their decision-making, also consider the happiness of other people. Humans are naturally inclined to prioritize their satisfaction. When humans have to make difficult choices, sometimes they do not choose at all. Some humans do not know what they want or desire.Define the Fisher effect. To what extent do empirical tests confirm that the Fisher effect exists in practice?
- Rosa received a corgi pillow as a raffle prize; she would have been willing to pay $18 to buy it herself. Based on the endowment effect, we would expect Rosa to be willing to sell the pillow.What do you think of the ethics of using unconscious nudges to alter people’s behavior?i am not sure not is the answer to this question
- I cannot figure out how to start this problem for my behavioral economics course. I would appreciate any help offered on how to start with parts a,b, and/or cWhich scenario illustrates initiative as a motivator for behavior change? José notices that he doesn’t feel well when he drinks milk, so he eliminates milk from his diet. Alan’s girlfriend will buy him a new shirt if he stops using chewing tobacco. Gretchen thinks about how happy her doctor will be when he hears that she has been exercising regularly. Mike decides to take boxing lessons so that he can defend himself from bullies.I am driving in the desert and discover that I am really low on gasoline. I find a roadside park and someone there offers to sell me 5 gallons for $50 (which, he says, should get me to the nearest gas station). I am desperate and so I agree to the deal. The most likely reason explaining why the individual made this decision is based on factors.