Asked by abigail Gimbert on Jun 07, 2024
Verified
Eric tries to eat more healthfully by eliminating cookies,donuts,and similar snacks from his diet.Every day at work,however,co-workers bring in these treats and Eric succumbs to temptation.Which of the following concepts would behavioral economists use to explain Eric's self-control problem?
A) Time inconsistency.
B) Availability heuristic.
C) Self-serving bias.
D) System 2 processes dominating decision making.
Time Inconsistency
A situation where a decision-maker's preferences change over time, making plans formulated at one time incompatible or less desirable at a future time.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.
Self-Control Problem
The difficulty individuals face in resisting temptation or immediate gratification to achieve long-term goals.
- Identify the influence of self-discipline, short-sightedness, and prior commitments on managing personal finances and behavioral inclinations.
Verified Answer
Learning Objectives
- Identify the influence of self-discipline, short-sightedness, and prior commitments on managing personal finances and behavioral inclinations.
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