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Economic Psychology - 6 Practice Questions for examination of college
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6 parctice questions including answers that were used during class
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A rational agent is rational because …- he is self interested, maximizes and has stable preferences.
The model of expected value of decisions …
- was the basis for expected utility theory.
Prospect theory explains the switch from risk avoidance to
risk seeking
- by the S-shape of the curve
Research bij Iyengar & Lepper (2000) shows that …. can be
negative. In conditions with limited choice they found that
people are … satisfied than in conditions with extensive
choice.
- Freedom of choice; more
Frank, Gilovich & Regan (1993) compared economists and
non-economists in terms of their charitable behaviour. They
found that:
- Economists and non-economists are equally cooperative
when they are permitted to make promises to cooperate.
What is true regarding mental accounting?
- People should integrate two negative outcomes (je verliest
liever in 1x 20 euro dan twee keer 10 euro).
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