Asked by Timofei Bolshev on Jun 08, 2024

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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.
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JC
Judylaine CarranzaJun 08, 2024
Final Answer :
C
Explanation :
Josh's decision to buy or not buy tiramisu is affected by the way the situation is framed - specifically, whether or not others are having dessert. This is an example of a framing effect, which is when our choices are influenced by how information is presented to us. The other answer choices - availability heuristic, confirmation bias, and self-serving bias - do not fully capture the way that Josh's decision-making is being influenced in this situation.