Asked by
Marie Antoinette Manansala
on Nov 25, 2024
Verified
Tony ran a marathon in 4.5 hours; his performance last year on the same course was 4 hours. Stacey ran the same marathon in 4 hours; her previous time was 4.4 hours. According to behavioral economists, and based solely on the information given, we would expect
A) Tony to feel good about his performance, and Stacey to feel good about hers.
B) Tony to feel bad about his performance, and Stacey to feel good about hers.
C) Tony to feel bad about his performance, and Stacey to feel bad about hers.
D) Tony to feel good about his performance, and Stacey to feel bad about hers.
Behavioral Economists
Experts who investigate the impact of mental, cognitive, emotional, cultural, and social aspects on the financial decision-making of people and institutions.
Marathon Performance
The outcomes or results achieved by individuals or groups in the context of a long-distance running event, typically 26.2 miles.
- Identify different cognitive biases and their influence on decision-making processes, such as the status quo bias, framing effect, and anchoring effect.
- Understand the fundamental concepts of prospect theory, focusing on the valuation of gains and losses by individuals.
Verified Answer
FF
Learning Objectives
- Identify different cognitive biases and their influence on decision-making processes, such as the status quo bias, framing effect, and anchoring effect.
- Understand the fundamental concepts of prospect theory, focusing on the valuation of gains and losses by individuals.
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