Asked by Hayden Benedict on Jul 23, 2024
Verified
Behavioral economists believe that people
A) assess current and future options equally well.
B) do not care about fairness, especially if it impairs their ability to get what they want.
C) make errors in decision making because of problems such as bad information, but such errors are random and generally not repeated by the same individual.
D) often succumb to temptation.
Behavioral Economists
Economists who study the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.
Temptation
The desire to do something, often something wrong or unwise, driven by impulse or short-term gratification.
- Identify recurring mistakes in human decision processes guided by behavioral economics insights.
Verified Answer
CG
Calvin Gerald Wilson Sr.Jul 28, 2024
Final Answer :
D
Explanation :
Behavioral economists argue that individuals often give in to temptation, affecting their decision-making processes. This perspective challenges traditional economic theories that assume rational behavior, highlighting instead the impact of psychological factors on economic decisions.
Learning Objectives
- Identify recurring mistakes in human decision processes guided by behavioral economics insights.
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