Differentiate the two terms/concepts: Dictator and ultimatum games
Question:
Differentiate the two terms/concepts:
Dictator and ultimatum games
Behavioural Economics:
Behavioural economics refers to the study of the impact of the social, psychological, and cultural factors of institutions and people's economic decisions and the way those decisions differ. It is mainly concerned with the rationality of the agents of the economy. The theory shows how decisions are made in the market and the methods that influence the public choice.
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View this answerDictator game refers to a theory in economics and social psychology whereby a dictator who is the initial player is the determinant of the way an...
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Chapter 3 / Lesson 5Learn about behavioral economics. Understand what behavioral economics is, examine the behavioral economics theory, and see examples of behavioral economics.