By Erik Angner
Read or Download A Course In Behavioral Economics PDF
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Extra info for A Course In Behavioral Economics
Would anybody fail to act in the same way at nodes #2 and #3? There is a wide class of cases where people do. 5 Multi-stage investment problem beyond recovery at the time when the decision is made. Consider the R&D scenario outlined earlier in this section. 5. Faced with these two problems, many people say they would invest at node #2 but not invest at node #3. Yet, at node #2, the $9M is a sunk cost: it cannot be recovered. Whether or not making the further $1M investment is worth it should not depend on whether you find yourself at node #2 or #3.
All these are utility functions, in that they associate higher numbers with more preferred options. As these examples show, it is important not to ascribe any significance to absolute numbers. To know that the utility I derive from listening to Justin Bieber is 2 tells you nbsolutely nothing about my preferences. But if you know that the utility I derive from listening to Arcade Fire is 4, you know something, namely, that I strictly prefer Arcade Fire to Justin Bieber. It is equally important not to ascribe any significance to ratios of utilities.
Tudent of behavioral economics: r i 1 r I co-manage a local tire/ automotive service retailer. Today, one of my good customers came into my store. He had purchased a set of tires from a separate online tire seller and came to get them installed. Before we started working on his car, he asked what other options would have been available to him. I proceeded to tell him about a brand new tire that I s tocked that was overall much better than the one he bought - better traction features, better mileage, etc.