Behavioral Economics and Decision-Making Models
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Description
This exam assesses knowledge of behavioral economics and its impact on decision-making processes, contributing to a deeper understanding of consumer and firm behavior.
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Exam Details
Duration: 45 minutes
Prerequisites: Introduction to Microeconomics, Principles of Behavioral Economics
Key Topics
- Behavioral Economics
- Decision-Making
- Heuristics
- Bounded Rationality
Learning Outcomes
- Explain Behavioral Influences
- Analyze Decision-Making Processes
- Discuss Economic Theories
Full Description
This exam investigates behavioral economics, focusing on how psychological factors influence economic decision-making among consumers and firms.
Understanding these behavioral aspects is crucial for developing comprehensive economic theories that account for actual decision-making processes in markets.
Candidates will be asked to articulate the concepts of bounded rationality, heuristics, and biases, as well as their implications for consumer and firm behavior.
Incorporating examples from behavioral studies will enhance the examination of these concepts.
Sample Questions
- What role do heuristics play in economic decision-making?
- How does bounded rationality affect consumer choices in the market?
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