Question

If individuals behave irrationally in some circumstances, why do economists typically assume that they behave rationally? a.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

a. The assumption of rationality allows economists to make powerful statements that apply the majority of the time.

Irrational behavior by individuals is observed only in certain situations and this should not deter generalization of theories or facts which prove to be true in most other cases.

Kindly up vote my answer.

Add a comment
Know the answer?
Add Answer to:
If individuals behave irrationally in some circumstances, why do economists typically assume that they behave rationally?...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • According to the five-step model of bystander intervention, what is the first thing you must do...

    According to the five-step model of bystander intervention, what is the first thing you must do as a potential helper? Decide whether you would know how to help under the particular circumstances Decide whether it is your responsibility to help Notice that something unusual is happening Decide if help is actually needed According to the text, military aggression for the purpose of defending one's own territory is considered which type of aggression? Anomic aggression Instrumental aggression Egoistic aggression Altruistic aggression...

  • use the information in chapter one to complete it ( in case you do not have...

    use the information in chapter one to complete it ( in case you do not have the book, i post a picture). write a few sentences in each box explaining the extent to which the statements in the left column apply to each of the theories. thank you! Themes and theories Constructivism (Piaget) Social constructivism (Vygotsky) Bioecological systems theory (Bronfenbrenner) nta The environment plays an important role in development Innate factors drive development Development follows a smooth continuous path ning...

  • Learn to apply your ethical values using the Giving Voice to Value (GVV) method. There are...

    Learn to apply your ethical values using the Giving Voice to Value (GVV) method. There are multiple GVV documents in this Module. Review them all. You may do the exercises suggested in the documents but you do not have to post them in Canvas. You will learn how to factor your personal values into your ethical decisions from the method, you will still use the IDEA case analysis method when analyzing the GVV case, The Client Who Fell Through The...

  • What an Executive Summary Is An executive summary is a specific type of document that does...

    What an Executive Summary Is An executive summary is a specific type of document that does two things: it summarizes a research article, and it offers recommendations as to how information from the article can be used. Some long reports can contain an executive summary section, as indicated in the Pearson handbook. Write a 2 pahe Executive Summary In business contexts, an executive summary is always written for a specific purpose: to explain the information in the article to a...

  • Evaluate the arical writ the response in which you state your agreement or disagreement with writer...

    Evaluate the arical writ the response in which you state your agreement or disagreement with writer up un these questions guidelines 1) can empathy lead us astrary? how 2) our heart will always go out to the baby in the well, its a measure of our humanity. but empathy will have to yield to reason if humanity is to have a future can empathy yield to reason? how? thank you The Baby in the Well: The Case against Empathy* -Paul...

  • Hi there! I need to compare two essay into 1 essay, and make it interesting and...

    Hi there! I need to compare two essay into 1 essay, and make it interesting and choose couple topics which im going to talk about in my essay FIRST ESSAY “Teaching New Worlds/New Words” bell hooks Like desire, language disrupts, refuses to be contained within boundaries. It speaks itself against our will, in words and thoughts that intrude, even violate the most private spaces of mind and body. It was in my first year of college that I read Adrienne...

  • First, read the article on "The Delphi Method for Graduate Research." ------ Article is posted below...

    First, read the article on "The Delphi Method for Graduate Research." ------ Article is posted below Include each of the following in your answer (if applicable – explain in a paragraph) Research problem: what do you want to solve using Delphi? Sample: who will participate and why? (answer in 5 -10 sentences) Round one questionnaire: include 5 hypothetical questions you would like to ask Discuss: what are possible outcomes of the findings from your study? Hint: this is the conclusion....

  • Using the book, write another paragraph or two: write 170 words: Q: Compare the assumptions of...

    Using the book, write another paragraph or two: write 170 words: Q: Compare the assumptions of physician-centered and collaborative communication. How is the caregiver’s role different in each model? How is the patient’s role different? Answer: Physical-centered communication involves the specialists taking control of the conversation. They decide on the topics of discussion and when to end the process. The patient responds to the issues raised by the caregiver and acts accordingly. On the other hand, Collaborative communication involves a...

  • Read the articles provided (Riggio, 2008) and Javidan & Walker (2012). Perform a self-assessm...

    Read the articles provided (Riggio, 2008) and Javidan & Walker (2012). Perform a self-assessment of the global mindset competencies. What competencies do you feel are your strengths? Your areas for improvement? What next learning steps could you take to address your areas for improvement? LEADERSHIP DEVELOPMENT: THE CURRENT STATE AND FUTURE EXPECTATIONS Ronald E. Riggio Claremont McKenna College This article discusses the common themes in this special issue of Consulting Psychology Journal on "Leadership Development" and summarizes some of the...

  • I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this p...

    I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this paper and some conclusions and contributes of this paper. I need this for my Finishing Project so i need this ASAP please ( IN 1-2-3 HOURS PLEASE !!!) Budgetary Policy and Economic Growth Errol D'Souza The share of capital expenditures in government expenditures has been slipping and the tax reforms have not yet improved the income...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT