Econ 1-27 Behavioral Economics

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E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures.
E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause.
E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E)
E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E)
GE.7.1 Define and explain fiscal policy and its tools. (E)
GE.7.2 Define and explain monetary policy and its tools. (E)
GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth.
GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt.
GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)

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Lance Hiles

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Econ 1-27 Behavioral Economics


Econ 1-27 Behavioral EconomicsVersion en ligne E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures. E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause. E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E) E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E) GE.7.1 Define and explain fiscal policy and its tools. (E) GE.7.2 Define and explain monetary policy and its tools. (E) GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth. GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt. GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E) par Lance Hiles A B C D E F G H I K L N O P Q R T U V Y Contains A If people were rational, they would make the same decision given identical options, but sometimes people's preferences depend on how the options are presented. Psychologists call this cognitive bias the ____ ____ . Starts with B In reality, investors are sometimes passionate & get caught up in the thrill of buying. ____ can be explained this way, such as the obsession with tulips that took place in the 1600s. Contains C Advertising membership fee as $1 a day, opposed to $365 a year. Pricing a laptop at $499.99 instead of at $500. This is called ____ pricing. People feel like they’re getting a deal. Starts with D Economic theory believes the Framing Effect has no impact on ____ ____ , since human beings are rational. However, in reality, human beings are irrational. Starts with E Behavioral economics accounts for the role of ____ in decision making. It gives us a realistic view of how people actually behave, instead of a blind spot. Starts with F In the ultimatum game, the 2nd player is seen as irrational. Rational decision is to accept anything, even $1, because $1 is better than $0. However, people are interested in more than profit. They are interested in values like vengeance & ____ . Contains G Two players decide how to share a sum of money: $100. First player is given the money & splits it. If 2nd player accepts, both players get the money. But if 2nd player refuses, nobody gets the money. This is the ____ ____ . Contains H A subfield of economics that focuses on the emotional, social, & psychological factors that influence decision-making. This is ____ economics. Starts with I It is more difficult to predict what people will do, when they make ____ decisions. Thus, for many years, researchers disregarded behavioral economics. Contains K People seem irrational when they buy less pizza, after the price drops. However, a ____ of ____ explains the situation. Economists believe buyers have all the facts when making decisions, such as the quality of the pizza. Contains L Economics says that lowering the price for pizza means more people will buy. But if people think the pizza ____ ____ , they will buy less. When people ignore the laws of demand, it is irrational behavior. Starts with N ____ ____ influences people to behave a certain way, without changing the options available to them. Contains O ____ ____ is the concept that human beings really hate to lose things. Losing $10 makes us much more sad than finding $10 makes us happy. Starts with P Despite economic theory, marketing can impact the pleasantness of a good by manipulating non-intrinsic attributes of goods. i.e. you can raise prices once you change ____ . Starts with Q Psychological pricing makes $499 look better than $500, but high-end retailers do the opposite. They set prices at whole dollars & signal that their goods are of a higher ____ than at other stores. Starts with R Nudge Theory reduced childhood obesity by ____ the food in school cafeterias. Desserts were placed in hard to reach places & veggies were more available. Economists had argued the plan won't work, since rational people know candy tastes better. Contains T Loss Aversion: Offering a five cent reward for bringing reusable bags did not work. But a five cent tax on bags reduced the number of plastic bags used. The ____ of paying 5 cents was greater than the ____ of receiving 5 cents. Contains U You are offered you two sealed envelopes. One has a hundred dollars & one no dollars. You can choose an envelope, or take $50 cash. If you’re willing to accept $50 cash to abandon the envelopes, then you’re ____ ____ . Contains V Economists believe that stocks and real estate will stay at their real value, because calculating investors are buying ____ assets & selling ____ assets. But that doesn’t explain bubbles, because bubbles happen when people act irrationally. Contains Y Prices send signals & change perception. Analyzing the brains of people testing wine, researchers gave fake prices & scanned for levels of ____ . When told the price was higher, people actually liked the wine more, even when given the same type.

Econ 1-27 Behavioral Economics

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Créé par

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Econ 1-27 Behavioral EconomicsVersion en ligne

par Lance Hiles

Contains A

If people were rational, they would make the same decision given identical options, but sometimes people's preferences depend on how the options are presented. Psychologists call this cognitive bias the ____ ____ .

Starts with B

In reality, investors are sometimes passionate & get caught up in the thrill of buying. ____ can be explained this way, such as the obsession with tulips that took place in the 1600s.

Contains C

Advertising membership fee as $1 a day, opposed to $365 a year. Pricing a laptop at $499.99 instead of at $500. This is called ____ pricing. People feel like they’re getting a deal.

Starts with D

Economic theory believes the Framing Effect has no impact on ____ ____ , since human beings are rational. However, in reality, human beings are irrational.

Starts with E

Behavioral economics accounts for the role of ____ in decision making. It gives us a realistic view of how people actually behave, instead of a blind spot.

Starts with F

In the ultimatum game, the 2nd player is seen as irrational. Rational decision is to accept anything, even $1, because $1 is better than $0. However, people are interested in more than profit. They are interested in values like vengeance & ____ .

Contains G

Two players decide how to share a sum of money: $100. First player is given the money & splits it. If 2nd player accepts, both players get the money. But if 2nd player refuses, nobody gets the money. This is the ____ ____ .

Contains H

A subfield of economics that focuses on the emotional, social, & psychological factors that influence decision-making. This is ____ economics.

Starts with I

It is more difficult to predict what people will do, when they make ____ decisions. Thus, for many years, researchers disregarded behavioral economics.

Contains K

People seem irrational when they buy less pizza, after the price drops. However, a ____ of ____ explains the situation. Economists believe buyers have all the facts when making decisions, such as the quality of the pizza.

Contains L

Economics says that lowering the price for pizza means more people will buy. But if people think the pizza ____ ____ , they will buy less. When people ignore the laws of demand, it is irrational behavior.

Starts with N

____ ____ influences people to behave a certain way, without changing the options available to them.

Contains O

____ ____ is the concept that human beings really hate to lose things. Losing $10 makes us much more sad than finding $10 makes us happy.

Starts with P

Despite economic theory, marketing can impact the pleasantness of a good by manipulating non-intrinsic attributes of goods. i.e. you can raise prices once you change ____ .

Starts with Q

Psychological pricing makes $499 look better than $500, but high-end retailers do the opposite. They set prices at whole dollars & signal that their goods are of a higher ____ than at other stores.

Starts with R

Nudge Theory reduced childhood obesity by ____ the food in school cafeterias. Desserts were placed in hard to reach places & veggies were more available. Economists had argued the plan won't work, since rational people know candy tastes better.

Contains T

Loss Aversion: Offering a five cent reward for bringing reusable bags did not work. But a five cent tax on bags reduced the number of plastic bags used. The ____ of paying 5 cents was greater than the ____ of receiving 5 cents.

Contains U

You are offered you two sealed envelopes. One has a hundred dollars & one no dollars. You can choose an envelope, or take $50 cash. If you’re willing to accept $50 cash to abandon the envelopes, then you’re ____ ____ .

Contains V

Economists believe that stocks and real estate will stay at their real value, because calculating investors are buying ____ assets & selling ____ assets. But that doesn’t explain bubbles, because bubbles happen when people act irrationally.

Contains Y

Prices send signals & change perception. Analyzing the brains of people testing wine, researchers gave fake prices & scanned for levels of ____ . When told the price was higher, people actually liked the wine more, even when given the same type.

If people were rational, they would make the same decision given identical options, but sometimes people's preferences depend on how the options are presented. Psychologists call this cognitive bias the .

Economic theory believes the Framing Effect has no impact on , since human beings are rational. However, in reality, human beings are irrational.

Two players decide how to share a sum of money: $100. First player is given the money & splits it. If 2nd player accepts, both players get the money. But if 2nd player refuses, nobody gets the money. This is the .

People seem irrational when they buy less pizza, after the price drops. However, a of explains the situation. Economists believe buyers have all the facts when making decisions, such as the quality of the pizza.

Economics says that lowering the price for pizza means more people will buy. But if people think the pizza , they will buy less. When people ignore the laws of demand, it is irrational behavior.

influences people to behave a certain way, without changing the options available to them.

is the concept that human beings really hate to lose things. Losing $10 makes us much more sad than finding $10 makes us happy.

Loss Aversion: Offering a five cent reward for bringing reusable bags did not work. But a five cent tax on bags reduced the number of plastic bags used. The of paying 5 cents was greater than the of receiving 5 cents.

You are offered you two sealed envelopes. One has a hundred dollars & one no dollars. You can choose an envelope, or take $50 cash. If you’re willing to accept $50 cash to abandon the envelopes, then you’re .

Economists believe that stocks and real estate will stay at their real value, because calculating investors are buying assets & selling assets. But that doesn’t explain bubbles, because bubbles happen when people act irrationally.