Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the phenomenon below: (i) explain why behavior is inconsistent with rational choice framework and (ii) explain how the behavior is consistent with

For each of the phenomenon below: (i) explain why behavior is inconsistent with rational choice framework and (ii) explain how the behavior is consistent with appropriately identified behavioral heuristic or bias.

(d) Consider Christy, who has always believed in pursuing her dreams. In high school she was good in mathematics and physics, as well as an avid reader. By fifteen she had a passion for stargazing. As an adult she is adventurous, outgoing and likes to take risks. When survey respondents are asked whether they think Christy is more likely to be an 4 astronaut or a lawyer, majority of them choose her to be an astronaut.

(i) Inconsistency with rational choice (explanation):

(ii) Behavioral heuristic or bias (with explanation):

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Making Use Of Clinical Audit A Guide To Practice In The Health Professions

Authors: Sally J. Redfern, Anemone Kober, Maurice Kogan

1st Edition

0335195423, 978-0335195428

More Books

Students also viewed these Accounting questions

Question

What is the function of a goal within a feedback loop?

Answered: 1 week ago