Behavioral Economics an der Hochschule Furtwangen | Karteikarten & Zusammenfassungen

Lernmaterialien für Behavioral Economics an der Hochschule Furtwangen

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Name 6 Principles of Behavioral Economics

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  • People Try to Choose the Best Option (People sometimes don’t succeed in choosing the best feasible option)
  • People Care About Reference Points (People compare their circumstances to known situations)
  • People Have Self-Control Problems (There is a gap between people’s good intentions and actions)
  • People Care About Others (People mostly care about themselves but not always)
  • Many Markets are Affected ba Psychological Factors (Although markets can make psychological factors less relevant)
  • Limit People Choices Might Make Them Better Off (But paternalism is not always the solution and it is unpopular)

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Principle 1: People Try to Choose the Best Option

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People try to decide optimal -> make mistakes -> those mistakes are partially predictable 

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Principle 2: People Care About Reference Points

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Reference Points could be the amouunt of money a person expect to earn -> what matters are gains and losses in relation with this reference point -> in general losses weigth more -> Loss Aversion -> discourge market transaction due to fear of failing/losing


Consequence: Endowment Effect

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economic theory 

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normative tool (what
should be)


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Behavioral economics

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TESTE DEIN WISSEN

economic
analysis considering a more realistic description of actual behavior

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main focus of behavioral economics

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overtaking the role of bounded rationality and
information deficiencies

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One of the most important and applicable tools of economics

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demand function

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Present Bias

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The tendency of people to give stronger weight to payoffs that are closer to the present time when considering trade-offs between two future moments (O’Donoghue & Rabin, 1999). For example, a present-biased person might prefer to receive ten dollars today over receiving fifteen dollars tomorrow, but wouldn’t mind waiting an extra day if the choice were for the same amounts one year from today versus one year and one day from today

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Evidence of Present Bias

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  • People pay to not go to the gym
  • Consumers overestimate their discipline to exercise or use their selected plan as commitment device
  • If given the chance students select stricter deadlines for their homeworks
  • The selection of deadlines increase performance (commitment
    device) but the allocation of the deadlines is not optimal
    (overestimation of abilities)
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standard economic model bassed on

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concept of rationality.

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Behavior frequently explained by psychological factors

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  • Philanthropy, charities and donations
  • Unhealthy behavior with clear future consequences
  • Overoptimistic and inconsistent investment strategies
  • Overconfidence in own abilities
  • Disadvantageous cost-benefit analysis in retaliation
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behavioral economics

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descriptive tool (what
is)

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Q:

Name 6 Principles of Behavioral Economics

A:
  • People Try to Choose the Best Option (People sometimes don’t succeed in choosing the best feasible option)
  • People Care About Reference Points (People compare their circumstances to known situations)
  • People Have Self-Control Problems (There is a gap between people’s good intentions and actions)
  • People Care About Others (People mostly care about themselves but not always)
  • Many Markets are Affected ba Psychological Factors (Although markets can make psychological factors less relevant)
  • Limit People Choices Might Make Them Better Off (But paternalism is not always the solution and it is unpopular)

Q:

Principle 1: People Try to Choose the Best Option

A:

People try to decide optimal -> make mistakes -> those mistakes are partially predictable 

Q:

Principle 2: People Care About Reference Points

A:

Reference Points could be the amouunt of money a person expect to earn -> what matters are gains and losses in relation with this reference point -> in general losses weigth more -> Loss Aversion -> discourge market transaction due to fear of failing/losing


Consequence: Endowment Effect

Q:

economic theory 

A:

normative tool (what
should be)


Q:

Behavioral economics

A:

economic
analysis considering a more realistic description of actual behavior

Mehr Karteikarten anzeigen
Q:

main focus of behavioral economics

A:

overtaking the role of bounded rationality and
information deficiencies

Q:


One of the most important and applicable tools of economics

A:

demand function

Q:

Present Bias

A:

The tendency of people to give stronger weight to payoffs that are closer to the present time when considering trade-offs between two future moments (O’Donoghue & Rabin, 1999). For example, a present-biased person might prefer to receive ten dollars today over receiving fifteen dollars tomorrow, but wouldn’t mind waiting an extra day if the choice were for the same amounts one year from today versus one year and one day from today

Q:

Evidence of Present Bias

A:
  • People pay to not go to the gym
  • Consumers overestimate their discipline to exercise or use their selected plan as commitment device
  • If given the chance students select stricter deadlines for their homeworks
  • The selection of deadlines increase performance (commitment
    device) but the allocation of the deadlines is not optimal
    (overestimation of abilities)
Q:

standard economic model bassed on

A:

concept of rationality.

Q:

Behavior frequently explained by psychological factors

A:
  • Philanthropy, charities and donations
  • Unhealthy behavior with clear future consequences
  • Overoptimistic and inconsistent investment strategies
  • Overconfidence in own abilities
  • Disadvantageous cost-benefit analysis in retaliation
Q:

behavioral economics

A:

descriptive tool (what
is)

Behavioral Economics

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