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Chapter 8 - Behavioral economics. This chapter will define behavioral economics and explain how it contrasts with neoclassical economics. It will relate how prospect theory helps explain many consumer behaviors; and how time inconsistency and myopia cause people to make suboptimal long-run decisions. It will also define fairness and give examples of how it affects behavior in the economy. | Lecture Macroeconomics 20 e Chapter 8 - McConnell Brue Flynn
