Week 5 Uncertainty and Behavioural Economics
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6 Terms
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Contingent
Contract implemented only when a particular state of nature occurs
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Probability
The relative frequency with which something occurs
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Expected value
Value on average of uncertain outcomes
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Rational Choice model
A decision makers choice is rational if it is a most preferred choice from all the available options
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Framing effect
The same choice presented in two different ways leads to different choices
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Anchoring effect
Effect on choices of seemingly irrelevant information
Note 
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