Asked by Chantal Paine on Jul 25, 2024
Verified
Psychologists and behavioral economists argue that preferences are "discovered," as opposed to a preexisting guide to choice.
Behavioral Economists
Economists who study the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.
Preferences
The subjective tastes or desires of individuals, affecting their choices among various goods, services, or outcomes.
Discovered
Found or identified after a search, exploration, or investigation, often implying that the object or information was previously unknown or hidden.
- Understand the concept of discovered preferences and their impact on economic decision-making.
Verified Answer
MC
Mahak ChhajedJul 31, 2024
Final Answer :
True
Explanation :
Psychologists and behavioral economists believe that preferences are shaped through experiences and exposure to stimuli, rather than predetermined.
Learning Objectives
- Understand the concept of discovered preferences and their impact on economic decision-making.