How is this concept relevant to economic modeling

Reference no: EM131301064

1. What is bounded rationality? How is this concept relevant to economic modeling?

2. Explain the framing effect that may result from asking the following question: Wouldn't you agree that people who have more money tend to be happier?

3. How does the status quo bias reduce the potential benefits that consumers might enjoy as the result of a change?

Reference no: EM131301064

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