History
What famous economist from the eighteenth century has been credited with establishing some concepts in Behavioral economics
This heuristic serves as a mental shortcut if the possibility of an event occurring is perceived as higher simply because an example comes to mind easily
Availability Heuristic
idea that people often rely on easily recalled information, rather than actual data, when evaluating the likelihood of a particular outcome
availability heuristic
What time is the Economics 395 final at
1:30 PM
Two Israeli psychologists credited with the development of behavioral economics
Amos Tversky
Daniel Kahneman
This heuristic is seen as readily available information in memory that is also used when we make similarity-based judgments
representativeness heuristic
the fact that people have limited cognitive ability, information and time, and do not always make the “correct” choice from an economist’s point of view,
Bounded rationality
How many words does the final paper have to be?
2500 words
The first theory that provided a basis for behavioral economics
The ‘general purpose’ heuristic is that of affect, namely good or bad feelings that surface automatically when we think about an object
Affect Heuristic
the idea that people are often willing to choose a less-optimal outcome for themselves if it means they can support others
Bounded self-interest
Where did Professor Schaefer get his PHD in economics?
University of Michigan
University where most of the research took place for behavioral economics
University of Chicago
The role of affect in risky or uncertain situations is also known as
Risk - as - feelings model
the idea that people are more averse to losses than they are eager to make gains
Loss aversion
What other field of study is closely associated with behavioral economics
Psychology
The concept of "bounded rationality" is associated with who's work from the 1950s?
Herbert Simon
Which heuristic is the most common and universal heuristic?
Availability Heuristic
a series of empirical observations made by Kahneman and Tversky (1979) in which they asked people about how they would respond to certain hypothetical situations involving wins and losses
Prospect theory
Who is the best professor in the economics department?
Professor Schaefer