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What is the purpose of the two fields of study neuro-economics and behavioral economics? Why might people tend to be overconfident?

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Retselisitsoe Pokothoane
Retselisitsoe PokothoaneLv10
28 Sep 2019

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Related questions

1. To increase marginal utility, you must decrease consumption (everything else held constant). This statement is correct, even though it sounds strange. Explain why.

2. Suppose that the marginal utility of good A is 4 times the marginal utility of good B, but the price of good A is only 2 times the price of good B. Is this point consumer equilibrium? If not, what will occur?

3.What is the purpose of the two fields of study, neuroeconomics and behavioral economics? Why might people tend to be overconfident?

What is the study of behavioral economics?

Behavioral economics is a descriptive theory: it attempts to model how people actually behave. Neoclassical economics is at least partially a normative theory - it says how people should behave in order to act rationally. Do you believe that people should strive to behave rationally and avoid behavioral effects, or is that not a worthwhile goal? Why or why not?

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