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Behavioral Economics

by: Brett Stanton

Behavioral Economics ECON 47100

Marketplace > Purdue University > Economcs > ECON 47100 > Behavioral Economics
Brett Stanton
GPA 3.6

Sandra Maximiano

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Sandra Maximiano
Class Notes
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This 2 page Class Notes was uploaded by Brett Stanton on Saturday September 19, 2015. The Class Notes belongs to ECON 47100 at Purdue University taught by Sandra Maximiano in Fall. Since its upload, it has received 44 views. For similar materials see /class/207951/econ-47100-purdue-university in Economcs at Purdue University.


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Date Created: 09/19/15
1 Which of the following products or services is least likely to have an asymmetric information problem due to differences in information held by buyers and sellers a health insurance Fquot vacation packages d used autos e auto insurance Answer the quality is easy observed by the buyer 2 A 080 tax per unit imposed on sellers would b shift the supply curve upwards The new curve is nonparallel to the old one c shift the demand curve downwards The new curve is nonparallel to the old one d shift the demand curve downwards The new curve is parallel to the old one e shift both the supply and the demand curve The new curves are parallel to the old ones Answer ataX on sellers is like an increase on sellers costs 3 An example ofa nonbinding price control is a a price oor set above the competitive equilibrium price b a price ceiling set below the competitive equilibrium price c a price oor set above the price that maximizes the total trading surplus available to buyers and sellers We 39luml 1 e None of the above Answer In all the other options the price is binding Note that a price that maximizes the total trading surplus is the price that maximizes the total surplus ie the competitive price 4 When subjects play in only one treatment per session and subjects are all different across sessions we say that we have a b a simultaneous design c awithin subjects design d a pairwise design e a parallel design Answer Options b d and e do not exist The withinsubj ect design is a design in which the same subject plays in different treatments True or False N Gode and Sunder 1993 compared what happens in a double auction market if choices are made by a zerointelligence computer program rather than human subjects Their experiment shows that simple heuristics are sufficient for subjects to achieve efficiency in a double auction Answer True They also conducted one treatment where the computer is programmed not to make a loss and that rule was sufficient to achieve the equilibrium in a double auction So it seems that humans playing with simple heuristics can be sufficient for achieving efficiency in a double auction The institution per se is very powerful When subjects participate only in one treatment one treatment per session the experimenter can observe individual behavior in different experimental conditions and control for fixed effects Answer False If individuals participate only in one treatment the experimenter cannot observe the same subject behavior in different treatments therefore cannot control for fixed effects because subjects vary across treatments


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