An economist encounters some unexpected behavior in a market or laboratory setting. How can he or she distinguish between behavior resulting from mistakes by decision makers as opposed to being decisions based on unusual preferences?
a. If the same behavior is observed repeatedly even after opportunities to learn are provided, it is probably not a mistake.
b. If the behavior is observed more often with inexperienced subjects, it is likely a mistake.
c. Both a and b.
d. It is impossible to distinguish between mistakes and unusual preferences empirically.
Question 2
Limits to self-interested payoff maximization that have been studied by behavioral economists include
a. limited cognitive ability.
b. limited willpower.
c. limits to self interest.
d. all of the above.
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