Asked by Timofei Bolshev on Jun 08, 2024
Verified
Whenever Josh goes to his favorite restaurant,he wants to buy tiramisu,his favorite dessert.Despite the fact he would enjoy the flavor of the tiramisu the same amount every time,Josh only buys it when others are having dessert,and never buys it if he would be the only one having dessert.Behavioral economists would say that Josh's decision is affected by:
A) the availability heuristic.
B) confirmation biases.
C) framing effects.
D) the self-serving bias.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.
Confirmation Biases
The habit of seeking out, understanding, preferring, and remembering information in a manner that reinforces one's already held beliefs or theories.
Self-Serving Bias
A cognitive bias that leads individuals to attribute their successes to internal factors and their failures to external factors, enhancing their self-esteem.
- Grasp the influence of social and cultural factors on individual economic decisions.
Verified Answer
Learning Objectives
- Grasp the influence of social and cultural factors on individual economic decisions.
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