Suppose you are designing an intervention to increase daily physical activity among adults. Describe how you would draw on concepts from behavioral economics to design the intervention.
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Suppose you are designing an intervention to increase daily physical activity among adults. Describe how you would draw on concepts from behavioral economics to design the intervention.
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- why is behavioral economic beliefs better than traditional economicWhat is loss aversion? Explain how the topic is related to behavioral economics? Give at least two examples.Explain two or more of the behavioral economics concepts listed below and give an example of each Response Parameters Perhaps you can provide a link to a graphic or a video that enhances your discussion. Concepts: Confirmation bias, overconfidence effect, hindsight bias, availability heuristic, planning fallacy, framing effects, anchoring, endowment effect, status quo effect
- 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.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 participateWhen consumers were given the opportunity to select a package of ground beef labeled “75% lean” or a package of ground beef labeled “25% fat,” most consumers chose “75% lean.” Why? What concept from the chapter does this illustrate? The reason is that consumers are swayed by cheap talk. Cheap talk is the concept. The reason is that consumers are much more likely to choose the alternative framed as the positive option. This is called a framing effect. The reason is that consumers infer the value of a product from positive advertising. This is called inference induction. The reason is that consumers respond better to higher numbers. They feel they are getting more because 75 is greater than 25. The concept is the endowment effect.
- What is the purpose of the two fields of study neuroeconomics and behavioral economics?why might people tend to be overconfident?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.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.
- Explain behavioral economic beliefDo 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).Could you please write your own words, not copy-paste or plagiarism issues Question: Discuss the concept of an “overconfidence bias” and why this bias can be seen as being a “double edged sword” in the context of behavioral economics
