1.4 Micro Flashcards
1
Q
What are the behavioural economic theories?
A
Choice architecture Framing Nudges Default choice Mandated choice Restricted choice
2
Q
Choice Architecture?
A
The design of ways in which choices are presented to economic factors
3
Q
Framing?
A
The actual way in which choices are presented
The use of words and numbers
4
Q
Nudges?
A
A form of choice architecture using positive reinforcement and gentle suggestion
5
Q
Default choice?
A
Following the same routines
Set the desirable option as the default choice
6
Q
Restricted choice?
A
Restricting what is available
7
Q
Mandated choice?
A
Where people are required by law to make a choice
