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VCE Economics Units 1 and 2 AOS 3 Behavioural Economics Flashcards | StudBud
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VCE Economics Units 1 and 2 AOS 3 Behavioural Economics
VCE Economics Units 1 and 2 AOS 3 Behavioural Economics
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1
What is an example of bounded self interest?
Drivers cutting off other drivers on the road
People volunteering their time
People buying the most expensive car
People choosing a job with the highest pay
2
People believing they are better than they are is an example of...
Overconfidence
Narrative Fallacy
Nudging
Artificial Intelligence
3
What is the herd behaviour bias?
People usually make the same decision
People try new goods/services
People do what everyone does
People do what benefits them
4
What is the Status quo bias?
People usually make the same decision
People try new goods/services
People do what benefits them
People do what everyone does
5
What is an example of bounded willpower?
Being tempted to eating another slice of cake
Binging youtube videos in class
People closing off social media
People volunteering their time
