Unit 4.9 And 4.10 Flashcards
1
Q
What is experimental economics
A
Branch of economics that uses laboratory experiments or field experiments to understand and predict real life behaviours
2
Q
What are field experiments
A
Changing economic conditions under which people make real decisions and observe how behaviour changes
3
Q
What are lab experiments
A
Observing behaviour in a carefully controlled environment using standardised procedures
4
Q
What is cooperation
A
Involves acting independently in a way that results in mutual benefit for both players involved
5
Q
Why do people act cooperatively
A
Social preferences
Social norms
Interact with eachother repeatedly
6
Q
What is negotiation
A
Used to solve economic and social problems
Usually bargaining
7
Q
What is conflict of interest
A
