Prospect Theory: Implications for Economic Behavior and Choice
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Description
This exam assesses understanding of Prospect Theory and its impact on economic choices. Participants will explore implications for market behavior and economic policy.
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Exam Details
Duration: 50 minutes
Prerequisites: Basics Of Economic Theory, Introduction To Behavioral Economics
Key Topics
- Prospect Theory
- Utility
- Gains And Losses
- Economic Decision-Making
- Behavioral Insights
Learning Outcomes
- Explain Key Tenets Of Prospect Theory
- Analyze Real-World Applications
- Articulate Implications For Economic Behavior
- Discuss Gains Versus Losses
Full Description
This exam centers on Prospect Theory, a cornerstone concept in behavioral economics. The focus is on understanding how individuals perceive gains and losses, which contrasts with traditional utility theory.
Prospect Theory is pivotal in explaining phenomena such as disproportionate responses to gains versus losses, and has far-reaching implications for economic policy and market behavior.
Participants will demonstrate their ability to articulate key aspects of Prospect Theory and apply its principles to assess economic decision-making during the exam.
Students should prepare to critically evaluate case studies illustrating the real-world applications of Prospect Theory.
Sample Questions
- What are the key differences between Prospect Theory and traditional utility theory?
- How does Prospect Theory explain consumer reactions to gains and losses?
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