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H1 Homo -economicus is rational and selfish
BE does not reject the standard economic model
A person cannot avoid cognitive bias
The methodology of positive economics says we should focus on predictions
rather than assumptions
Behavioral economics shows the standard economic model is not redundant
An experiment has external validity if it is representative of the real world
A Nash equilibrium is a strategy for each person such that no one can gain
by deviating given the strategies of others
The discovered preference hypothesis says that play tends to converge on
the prediction of the standard economic model if people are given enough
time.
The standard economic model assumes people are ____ RATIONAL
. Why are multiple equilibria a problem for the standard economic model
_____ IT IS AMBIGUOS WHAT A RATIONAL PERSON SHOULD DO
What is the methodology of positive economics_____ MODELS SHOULD BE
JUDGED ON THEIR ABILITY TO PREDICT
The standard economic model assumes people are ___ SELFISH
Which of the following statements is correct about behavioral economics
__IT BUILDS UPON THE STANDARD ECONOMIC MODEL
An experiment is single blind if ___ THE SUBJECTS DO NOT KNOW WHICH
TREATMENT IS BEING RUN
What is a Nash equilibrium____ A STRATEGY FOR EACH PERSON SUCH
THAT EVERYONE MAXIMIZES PAYOFF GIVEN THE STRATEGY OF OTHERS
An outcome is Pareto efficient if____ NO PERSON CAN BE MADE BETTER OFF
WITHOUT MAKING SOMEONE WORSE OFF
What is the discovered preference hypothesis ____ GIVEN TIME TO LEARN
PEOPLE CONVERGE ON THE PREDICTIONS OF THE STANDARD ECONOMIC
MODEL
H2
The conditional 1/n heuristic does not lead to a balanced investment portfolio
, The endowment effect is an example of a framing effect.
mental accounting is not a possible reason for a lack of fungibility
THE WTA TYPICALLY EXCEEDS THE WTP
Barbara was looking for a new pair of shoes. There were four options. She
didn’t choose the first pair because it was too expensive. She didn’t choose
the second because of the color. She didn’t choose the third because of the
fit. This looks like:-___ ELIMINATION BY ASPECTS
Andrew won a mug at the local fair. Someone offered to buy it off him for $10
but he said no, despite never once using the mug. This is an example of
__ENDOWMENT EFFECT
Which of the following is not true of the 1/n heuristic ___ AN INVESTOR
SPLITS HIS MONEY EQUALLY AMONG EQUITY AND BOUND FUNDS
CORRECT ARE :
-AN INVESTOR SPLITS HIS MONEY EQUALLY AMONGST THE A
VAILABLE FUNDS
-IT IS A DIVERSIFICATION STRATEGY
-IT CAN LEAD TO A PORTFOLIO BIASED TOWARDS EQUITY
LAW OF ONE PRICE IS ___ IDENTICAL ITEMS SHOULD BE SOLD AT THE
SAME PRICE
In a posted offer market institution___ THE SELLER SETS A TAKE IT OR LEAVE
IT OFFER TO BUYERS
Alice cannot resist a bargain. This suggests __ SHE VALUES TRANSACTION
UTILITY HIGHLY
Fred was going to the cinema when he realized he has lost his $5 ticket. He
decided to not go. This looks like __ NARROW FRAMING
The real estate agent knew that John would like the house on 8 Street if he
saw the house on 10 Street first. This suggests the agent knows about __
TRADE-OFF CONTRAST
In a double auction market institution___ BUYERS AND SELLERS SUBMIT
BIDS AND ASK TO A CENTRAL CLEARING
John got a gas bill on the 28th of the month but did not look at it until he got paid on
the 30th. This suggests___ HEDONIC EDITING
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