An Introduction to Behavioral Economics by Nick Wilkinson Matthias Klaes

Author:Nick Wilkinson,Matthias Klaes
Language: eng
Format: epub
Publisher: Palgrave Macmillan Ltd.

7.7 Review questions

1 Explain what is meant by consumption independence, giving an example.

2 Explain the difference between stationary discounting and constant discounting.

3 Describe the method of using choice tasks to elicit information, discussing any problems and how they may be overcome.

4 Describe the method of using matching tasks, discussing any problems that tend to arise in practice.

5 Explain what is meant by ‘front-end delay’, and the advantage of using this experimental method.

6 Explain what is meant by a negative discount rate; under what circumstances might people have a negative discount rate?

7 Explain what is meant by ‘delay-speedup asymmetry’, and how it is related to PT.

8 Explain what is meant by a violation of independence in intertemporal choice, giving an example. What might cause this violation?

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