By Erik Angner
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Extra resources for A Course In Behavioral Economics
An agent's decision problem can be represented using a decision tree: a graphical device showing what actions are available to some agent. 1). Because this chapter is about choice under certainty, I will pretend that there is no uncertainty about the consequences that follow from each of these choices. ) Suppose that you are tempted to buy real estate. What is the cost of doing so? There would be an out-of-pocket or explicit cost: the seller of the property would want some money to give it up. The real cost, however, is what you forego when you buy the real estate.
She is not indifferent and cannot form a weak preference either way. (b) An economics professor finds that he prefers a $10 bottle of wine to a $8 bottle, a $12 bottle to a $10 bottle, and so on; yet he does not prefer a $200 bottle to a $8 bottle. Further reading A nontechnical introduction to decision theory is Allingham (2002). More technical accounts can be found in Mas-Colell et al. (1 995, Chapters 1-2). The Becker quote is from Becker (1976, p. 5). , Chapter 3 Decision-Making under Certainty Introduction The previous chapter showed how an extensive theory of choice under certainty can be built upon the foundation of a modest number of assumptions.
Next, we explore what happens when the theory is confronted with data. 1, use a check mark to identify whether or not the relation has the property. 34 As part of your answer to the following questions, make sure to specify what the universe is. (a) Give an example of a relation that is complete but not transitive. (b) Give an example of a relation that is transitive but not complete. 35 lmtionality Explain (in words) why each of the two characters below is irrational according to the theory you have learned in this chapter.