Sept 20th Discussion Questions.docx - 1 List three expectations the rational choice model has for human behavior The rational person correctly weighs

Sept 20th Discussion Questions.docx - 1 List three...

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1. List three expectations the rational choice model has for human behavior. The rational person correctly weighs the costs and benefits and calculates the best decision for himself. The rational person should know what they like, not go back and forth between options, and their tastes don’t change. They also exercise perfect self-control and restraint, which will keep the individual on track. 2. Explain two ways in which behavioral economics differs from the rational choice model. Behavioral economics shows that people rarely exercise self-control, and many don’t know what they’re going to like tomorrow or the next day. 3. Define heuristics. Problem solving approaches, based on previous experience and intuition,
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Unformatted text preview: rather than careful analysis. 4. In what situation/situations are heuristics more likely to lead us to an incorrect decision? Situations involving probability, like gambling or math 5. Name two specific types of errors in heuristics (either from the video or from your textbook reading). Logical fallacies that can easily be proven wrong (the video uses the flat earth scenario), probability where people were given dice to roll and had to decide what the colors would be when rolled. The video also talks about anything involving numbers in general, where students were to guess what the age of Gandhi when he passed away....
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  • Spring '12
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