Asked by
Yasmin Milan
on Nov 25, 2024
Verified
A key difference between neoclassical economics and behavioral economics is that in behavioral economics, context affects preferences.
Context Affects
The influence of situational and environmental factors on perceptions, decisions, and behaviors.
Preferences
Individual tastes or desires that influence their choices among various goods, services, or outcomes.
- Familiarize oneself with the primary tenets of behavioral economics and identify their differences from neoclassical economics.
- Understand how context affects preferences and decision-making processes in the field of behavioral economics.
Verified Answer
WR
Learning Objectives
- Familiarize oneself with the primary tenets of behavioral economics and identify their differences from neoclassical economics.
- Understand how context affects preferences and decision-making processes in the field of behavioral economics.
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