Asked by Nicki Gagliano on Jul 25, 2024
Verified
John is doing very well in Intermediate Micro economics, but hires a graduate student to spend 1 hour a week with him to do workbook problems together.John always gets every problem correct without help from the graduate student, but he insists on continuing the relationship.Is there a behavioral economic explanation of why this is rational? Explain.
Intermediate Microeconomics
A branch of economics dealing with the behavior of individuals and firms in making decisions on the allocation of scarce resources.
Behavioral Economic Explanation
A behavioral economic explanation refers to analysis that incorporates psychological insights into human behavior to explain economic decision-making.
- Gain insight into the utilization of behavioral economic theories in actual case studies and the crafting of policies.
- Apprehend the intricacies of choices across various time frames and the notion of discounting.
Verified Answer
RC
Richie CourtJul 29, 2024
Final Answer :
Hiring the graduate student could be a way of committing himself to study by making not studying more costly.
Learning Objectives
- Gain insight into the utilization of behavioral economic theories in actual case studies and the crafting of policies.
- Apprehend the intricacies of choices across various time frames and the notion of discounting.