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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Chapter 4 is entitled 'The Theory of Individual Behavior', and much of the chapter is devoted to the use of indifference analysis to build a framework for demand theory. Indifference analysis goes to great lengths to explain consumer behavior and how consumers make choices between options available to them. The options they face include budget constraints, different preferences for risk, and a multitude of products and services from which to choose. If one steps back and looks at consumer behavior, it seems to be based upon a premise that is not actually stated in our book. That premise is that consumers behave rationally in their consumption expenditures.

Do you believe consumers do behave rationally? Is so, how do you explain impulse buying, buying as a result of advertising or strong sales pitches, buying for purposes of conspicuous consumption, or buying to simply have something bigger and better than someone else? If consumers do not behave rationally, how can the theory in chapter 4 account for the above behavior? Is the theory still valid? If you think consumers do behave rationally, how can rational thinking explain the above behaviors? How do your thoughts impact, if at all, your opinion of the theory espoused in our text?

coffeelouse766

Motivation is a key component in employee productivity and overall organizational success. Understanding why people behave as they do is an important step in predicting and managing behavior. There are many theories of motivation. Three important theories are Maslow's Hierarchy of Needs, McGregor's Theories X and Y, and Herzberg's two-factor theory.

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Describe and evaluate one of these important theories of motivation. First, choose a theory and describe the claims it makes. What does it say about why people act as they do? Then explain why, in your view, the theory you have chosen is or is not effective in predicting individual behavior. Do people actually behave the way the theory claims that they do?

ochrefox58

Instructions: In most cases, moral and ethical dilemmas are dilemmas because they cannot be easily solved. For this reason, there generally are not right or wrong answers. Therefore, what I am looking for is YOUR logic, YOUR belief system, YOUR critical thinking about how these dilemmas relate to the concepts youâve learned this week. Your answers should be substantive (generally AT LEAST two paragraphs) and provide examples when appropriate.

1.Why is a firmâs corporate reputation important? Explain how a company can quickly lose their positive corporate reputation. How can a company regain a positive reputation after it has been tarnished?

2.When you evaluate the various stakeholder groups that companies must serve, which do you think are the most important? Why?

3.Why do you think that even with âchecks and balancesâ in place, people still behave unethically?

4.Discuss the âtricks of the tradeâ where manipulation of financial records might hide unethical behaviors.

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