lecture 6

Question 1

two kinds of preferences

Answer 1

fixed and shaped

Question 2

what is fixed preferences

Answer 2

traditional economic theory believe preferences are fixed and only behaviror changes due to external factors

Question 3

what is shaped preferences?

Answer 3

they are shaped by social institutions like schools, cultural norms

Question 4

what is priming?

Answer 4

subtle cues that influences behaviour or decisions without awareness

Question 5

what is merit-based inequality?

Answer 5

unequal outcomes justified by individuals efforts or performance

Question 6

what kind of experiment was conducted in mandatory article?

Answer 6

large scale experiment. 6,000 participants form America and Norway. they made distributive decision in controlled enviroment

Question 7

what conditions there where in experiment?

Answer 7

participants needed to watch two employees working one was focusing on effort he/she put in and other on overall productivity. then they needed to distribute earrings that showcase 3 conditions - equal, meritocracy ( based on effort they put in) and efficiency(maximising total outcome)