Our goal in this assignment is exposure to principles in Behavioral Economics. We will continue to apply these principles in upcoming chapters this quarter.
Step 1: Brainstorm
Before you begin your assignment, I would like you to consider a “hard problem” – a challenge we face as a society or a community with no obvious or single-faceted solution. Examples include the alleviation of poverty, costs of higher education, rising costs of healthcare, diminished sense of community and belonging in many areas of the U.S., etc.
You may pick a topic that is meaningful to you, but be sure you enter into this assignment with an open mind so you can consider new ways of thinking.
– topic I pick: is the costs of higher education really worth it
Step 2: What is Behavioral Economics?
- Here is another option as well: https://www.psychologytoday.com/us/basics/behavioral-economics (Links to an external site.)
- Or here https://www.econlib.org/library/Enc/BehavioralEconomics.html (Links to an external site.)
Listen to ONE of these podcasts from Freakonomics in entirety:
- How to change your mind http://freakonomics.com/podcast/change-your-mind/ (Links to an external site.)
- Solving human problems http://freakonomics.com/podcast/solving-one-problem-solve-others/ (Links to an external site.)
- The world is hard http://freakonomics.com/podcast/people-arent-dumb-the-world-is-hard/ (Links to an external site.)
Step 3: Write a response paper
Your response paper should be at least two pages long and should address the following:
- How is behavioral economics different than traditional economics? (4 points)
- How does psychology contribute to behavioral economics? (4 points)
- Introduce the problem you are considering for the purpose of your response paper. Describe the problem objectively, without inserting your own values. If there are multiple viewpoints to consider, describe them as well (4 points)
- Could principles from behavioral economics be applied to improving or solving this problem? Describe two applications of behavioral economics. (6 points each, 12 points total)
- What is the limitation of applying principles of behavioral economics to any big problem? (4 points)
- Format: times new roman 12 pt font, double spacing only, and 1 inch margins
- Review the feedback provided in Assignment 1 and be sure you incorporate this feedback in your writing.
- Write clearly and concisely (4 points)
- No personal pronouns
- No direct quotations
- Use paragraph organization and clear transitions between ideas (4 points)
- Include an APA formatted citations (4 points)
– need intext citation for the article in periodical/website/podcast that listed above. NO DIRECT QUOTATIONS!!!
-accurately use terminology & concepts
-please follow the direction!!