Introduction to Behavioral Economics

Behavioral economics is, in a way, at the intersection of economics and psychology. In fact, the behavioral in behavioral economics can be thought of as the analog of the behavioral in behavioral psychology.   On one hand, traditional economic theory assumes that people are perfectly rational, patient, computationally proficient little economic robots that know objectively what makes them happy and make choices that maximize this happiness. (Even if traditional economists acknowledge that people aren’t perfect utility-maximizers, they usually argue that the deviations are random rather than showing evidence of consistent biases.) How Behavioral Economics Differs From Traditional Economic Theory Behavioral economists, on the other hand, know better. They aim to develop models which account for the facts that people procrastinate, are impatient, aren’t always good decision-makers when decisions are hard (and sometimes even avoid making decisions altogether), go out of their way to avoid what feels like a loss, care about things like fairness in addition to economic gain, are subject to psychological biases which make them interpret information in biased ways, and so on. These deviations from traditional theory are necessary if economists are to understand empirically how people make decisions about what to consume, how much to save, how hard to work, how much schooling to get, etc. Furthermore, if economists understand the biases that people exhibit that lower their objective happiness, they can put on a bit of a prescriptive, or normative, hat in either a policy or a general life advice sense. The History of Behavioral Economics Technically speaking, behavioral economics was first acknowledged by Adam Smith back in the eighteenth century, when he noted that human psychology is imperfect and that these imperfections could have an impact on economic decisions. This idea was mostly forgotten, however, until the Great Depression, when economists such as Irving Fisher and Vilfredo Pareto started thinking about the human factor in economic decision-making as a potential explanation for the stock market crash of 1929 and the events that transpired after. Economist Herbert Simon officially took up the behavioral economics cause in 1955 when he coined the term bounded rationality as a way to acknowledge that humans dont possess infinite decision-making capabilities. Unfortunately, Simons ideas werent initially given a lot of attention (though Simon did win a Nobel Prize in 1978) until a couple of decades later. Behavioral economics as a significant field of economic research is often thought to have started with the work of psychologists Daniel Kahneman and Amos Tversky. In 1979, Kahneman and Tversky published a paper entitled Prospect Theory that offers a framework for how people frame economic outcomes as gains and losses and how this framing affects peoples economic decisions and choices. Prospect theory, or the idea that people dislike losses more than they like equivalent gains, is still one of the main pillars of behavioral economics, and it is consistent with a number of observed biases that traditional models of utility and risk aversion cannot explain. Behavioral economics has come a long way since the initial work of Kahneman and Tversky- the first conference on behavioral economics was held at the University of Chicago in 1986, David Laibson became the first official behavioral economics professor in 1994, and the Quarterly Journal of Economics devoted an entire issue to behavioral economics in 1999. That said, behavioral economics is still a very new field, so there is a lot more left to learn.

Symptoms And Treatment Of Cardiac Disease Essay - 771 Words

This is a 52-year-old male status post-cardiac cauterization with initial complaints of angina symptoms: crushing chest pain, shortness of breath, and diaphoresis. He has a history of hypertension, hypercholesterolemia with medication non-compliance, and a cholecystectomy 10 years ago. He has no known drug allergies, and his current discharge medications include Tenormin XL 50 mg daily, Lipitor 10mg daily, Glucophage 500mg daily, and Baby Aspirin 81mg daily. He has two older brothers that also have hypertension; as well as, diabetes type II. His mother and father are deceased. His father had a significant history of cardiac disease. His mother had breast cancer. This patient is a licensed carpenter with a high school diploma that makes $50,000/yr. He is the sole provider for him and his wife, and they love paycheck to paycheck. This is causing him further stress, as he fears he will be unable to take care of her due to his illness. They have three grown children that do not live in the area. He does not live an active lifestyle; he thinks he was active enough in his younger years; nor, are he and his wife socially active. They live in a one- bedroom apartment in the inner city in an area with high crime rates; therefore, getting outside is not safe. He and his wife eat one large meal together after work. He does not usually eat breakfast and lunch usually consists of fast food. His diet is low in fruits and vegetables and high in meat and pasta. He denies drinking alcoholShow MoreRelatedCardiovascular Disease And Heart Disease981 Words   |  4 PagesCardiovascular disease has reportedly been the number one disease killer for men and women in the United States of America. Every one out of four deaths is caused by heart disease in the United States alone (Centers for Diseases Control and Prevention). 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According to The Center for Disease Control (CDC), heart disease claimed more than 292,188 women’s’ lives in 2009, that’s 1 in every 4 female deaths. The National Coalition of Heart Disease states that â€Å"A woman dies every 34 secondsRead MoreSymptoms of Cardiomyopathy1540 Words   |  6 Pagesdescribe nature of Disorder Cardiomyopathy (i.e. heart muscle disease) is the failure of the heart muscle - myocardium for whatever reason and there are many different reasons. Cardiomyopathy may be dangerous since victims of this disease are at risk of certain cardiac rupture as well as irregular heartbeat. In fact, Cardiomyopathy is one of, if not the most, dangerous disease that is connected to the heart. (Adelmann 2010). Common symptoms of Cardiomyopathy are dyspnea (breathlessness) and peripheral

Literature is meant to provide a perspective on li Essay Example For Students

Literature is meant to provide a perspective on li Essay fe. Phrases or quotes found inworks of literature may be used to help express ones own thoughts, to describe a particularsituation, or even to apply the circumstances in another piece of literature. Readers oftenutilize literary quotes for this purpose, yet not every reader will interpret a given quote thesame way. One example of a phrase which can have many different meanings is the biblicalquote The sins of the father visit upon the children.A literal interpretation of the above quote would mean the wrongdoings of the fathersomehow affects the children. If the bad habits of one generation arent corrected, theywill be passed on to the generations that follow. That can result in generations of drugabusers, spouse abusers, or just rude people. One example of this interpretation might be if afather is a drug abuser, the children will learn from him, and use drugs also. Anotherexample is if the father is abusive, the children will think that is how problems are solved. They, in turn, wi ll be abusive to their families, and will start a vicious cycle for generations tocome. These examples definitely show how this biblical quote may be interpreted literally. The sins of the father visit upon the children has a deeper meaning than thatdescribed above. For example, father could be changed to parent, and these parentscould mean generations that precede the children. A situation that would represent thatwould be war or pollution. A second example which illustrates how this quote may beinterpreted on a more global level is preceding generations could affect the children bymeans of racial discrimination that has been passed down from long ago. This may havestarted with slavery and segregation. Then, as generations follow, racial discrimination ispassed. All of these situations prove that one quote may have many different meanings. A third way to interpret this biblical quote is to change the word sins to a moregeneral or positive term such as behaviors, expectations, experiences, or even gooddeeds. By making such a substitution, the quote takes on a new meaning. This makes thebiblical quote good or bad depending on the behaviors. For example, the father maybehave in a polite way, which would teach the children behaviors that make many friends, getjob offers, and basically get the most out of life. On the other hand, the fathers behaviorscould be rude, and the children would learn to be mean, which would cause them to losetheir jobs and friends. Another situation which illustrates this new idea is if the father hasexperienced many important ways to tackle every day conflicts, he can teach the childreneasier ways to work out problems, to do school work, and teach the right ways to talk topeople and get what you want, such as talking your way into a job offer, or a higher job rank. While changing the focus of the original quote does add new meaning, the idea thatthe deeds of one generation affect those who follow, is still apparent. The quote the sins of the father visit upon the children, certainly applies to thecircumstances of the Greek drama Antigone. In this drama, the core conflict is a result of acurse on Oedipus when he kills his father. This conflict demonstrates man vs. the laws of thesate. This is the conflict that hurts following generations. Antigone wants to marry herbrother, but where she lives it is against Creons laws. Other problems which exist inAntigone are also caused by actions of a father or father figure. One such situation is whenCreon wants to punish Antigone to death even though his son, Haimon, is to marry her. It iseasy to see how this biblical quote pertains, in particular, to the circumstances in the Greekdrama Antigone. The above examples also show that one can use quotes from one piece ofliterature to help understand and clarify the actions and events in another. .ud053a4fee0f1d8fdd1a2c304e9ceda7e , .ud053a4fee0f1d8fdd1a2c304e9ceda7e .postImageUrl , .ud053a4fee0f1d8fdd1a2c304e9ceda7e .centered-text-area { min-height: 80px; position: relative; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e , .ud053a4fee0f1d8fdd1a2c304e9ceda7e:hover , .ud053a4fee0f1d8fdd1a2c304e9ceda7e:visited , .ud053a4fee0f1d8fdd1a2c304e9ceda7e:active { border:0!important; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .clearfix:after { content: ""; display: table; clear: both; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e:active , .ud053a4fee0f1d8fdd1a2c304e9ceda7e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .centered-text-area { width: 100%; position: relative ; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e:hover .ctaButton { background-color: #34495E!important; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e .ud053a4fee0f1d8fdd1a2c304e9ceda7e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ud053a4fee0f1d8fdd1a2c304e9ceda7e:after { content: ""; display: block; clear: both; } READ: Adam Sandler EssayLiterature does imitate real life, and phrases found in literary works can successfullydescribe life experiences. The phrase The sins of the father visit upon the children can beinterpreted in many different ways depending on how you look at different words, or howyou apply them to real life or literature. You can take word father literally, or take it as aword that means parent. Father can even mean generations of families. It just depends onthe context of the situation.

Seoul Policy toward North Korea Nuclear Crisis

In the following work peculiarities of Inter-Korean relations are analyzed. Main aspects of existing crisis in relations between North Korea and South Korea are outlined and analyzed. Great attention is given to description of North Koreas Nuclear Program. Its main threats are investigated. Reaction of official Seoul to development of this program is given.Advertising We will write a custom research paper sample on Seoul Policy toward North Korea Nuclear Crisis specifically for you for only $16.05 $11/page Learn More This work analyses peculiarities of policy of the ROK. Prior directions of development of external policy are also taken into account. In the end of the work possible scenarios of the end of nuclear crisis are given.  Eastern region of our planet has always been a place of a great interest for different countries. This fact was determined by a number of different reasons. First of all, this region remained unstable for a long period of its history. Constant civil wars, wars for independence and some inner conflicts drew attention of people to this region. As a result of one of these wars, China lost its influence there. Japan became the owner of this land however, not for a long time. WWII influenced greatly state of affairs in this region. With the end of the war â€Å"Japanese colonial rule also came to an end on the Korean Peninsula† (â€Å"Inter-Korean Relations† para.1). However, it did not become a unitary state. The USA and the USSR â€Å"agreed to a temporary division of the Korean Peninsula at the 38th parallel until a provisional government could be established and independence restored† (â€Å"An Overview of Inter-Korean Relations† para. 4). Unfortunately, it was not a temporary decision as it was supposed. Brutal Korean war destroyed any chances for reunion of the state. There were no contacts between governments of the Republic of Korea (ROK) and the Democratic People’s Republic of Korea (DPRK) after this war. However, some positive shift happened under the President Roh Tae-Woo. The states renewed negotiations. This positive tendency continued and there was a period of gradual positive change in relations between two states. Election of Lee Myung Bak as the President announced new approach to Inter-Korean relations which was called pragmatic (â€Å"An Overview of Inter-Korean Relations† para. 7). This approach led to deterioration of relations between South and North Koreas. The skirmish between battleships of these countries only worsened the state of affairs. New President Park Geun Hye promised to improve diplomatic and economic relations with North Korea. However, there is still tension between these two states. North Korean Nuclear crisis promotes further development of this tension. The main point is, that this state has its own nuclear weapons program which is a major concern for the whole world (Sigal para. 3).Advertising Look ing for research paper on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More â€Å"In 2006, 2009 and again in 2013, North Korea announced that it had conducted successful nuclear tests – they all came after the North was sanctioned by the UN for launching rockets† (â€Å"How advanced is North Korea’s nuclear programme?† para. 1). With this in mind, it is possible to speak about the Nuclear crisis. Government of this state refuses to abandon this program. Negotiations with the participation of the USA, Russian Federation, China and some other countries were not successful. Pyongyang refuses to show all materials connected with this question. Moreover, there is no guaranty that it will stop development of this program. It is quite obvious that nuclear threat is used by North Korea as a bargaining chip in order to get some benefits. However, possibility of its existence and usage should not be ignored . That is why leading countries are worried and try to solve this problem, hoping to avoid new war in this region, which can be even more brutal and catastrophic than the previous one.  Taking Nuclear Program of North Korea into account, official Seoul should have special policy in order to react to all threats, created by Pyongyang. Moreover, this policy should try to improve relations between two countries in order to obtain some benefits. That is why the President should be a strong leader and accept some hard decisions. â€Å"Park has already advocated a stronger South Korean military contribution to the U.S.–South Korea alliance, particularly in response to recent North Korean attacks and provocations† (Klingner para. 7). These actions were influenced by great aggression in North Koreas statements. The DPRK says about the possibility of nuclear attacks on South Korea, Japan, the USA. That is why international community is disturbed by these proclamations. South Korea should do something with respect to these facts as it is the first to suffer from North Koreas aggression. Nowadays, it seems that there is no possible peaceful solution to this problem. The President of Korea, Park Geun Hye, tries to guarantee security of her state. Her first step is connected with the foreign policy of the country. It is an attempt to obtain a powerful ally in a probable war with North Korea. Diplomatic relations between the USA and the ROK are now as stable and close as they have never been before. The USA acts as a guarantor of South Koreas security. The President tries to obtain more support from the USA. Troop coordination of these states moved to a new level. Military presence of the USA in the region increased significantly. Preparing for some military conflict, Park Geun Hye also does not forget about possible diplomatic solutions to this situation. It is very difficult to solve this problem under existing conditions. Cooperation of South Korea with t he USA irritates Pyongyang.Advertising We will write a custom research paper sample on Seoul Policy toward North Korea Nuclear Crisis specifically for you for only $16.05 $11/page Learn More That is why North Korea refuses to hold a parley with Seoul. That is why peaceful decision of this problem seems to be more and more complicated. However, the ROK preserves its attempts to establish normal relations between these two counties. Within a framework of this policy, South Korea tries to ignore all provocations and military acts which North Korea performs. The ROK even tries to continue its humanitarian mission, trying to help some vulnerable groups which exist among population of North Korea. The main aim of these measures is to show peaceful character of South Korea and its intentions. However, there are also some firm actions. The May 24 Measures are still observed. Administration of the President of South Korea tries to find some new steps which will be able to improve existing situation. However, there is also a clear message to North Korea. It states that though the ROK is not interested in war and further escalation of violence, it is ready for any possible development of the situation and will be able to answer to military aggression.  Having understood North Koreas main motives in development of its nuclear program, it is possible to cogitate about potential solutions to this problem. It became clear that official Pyongyang is not going to stop development of its nuclear program. The situation is getting worse day by day whether it is the nation’s nuclear program, advances in missile technology, cyber warfare operations or its horrible human rights record (Soesanto para. 2). This fact influences greatly further development of the situation. It should be said that this program is taken as a real threat to existing world order, that is why it becomes not only the problem of South Korea. Historically, Russia, China, t he USA and Japan were the most active participants of main events which happened at Korea Peninsular and now they try to find solution to this problem. On the current stage these countries try to use diplomatic means, hoping to find compromise. There is a great number of different guaranties which these countries give. In the first instance, it is connected with safety and security arrangements. Leading countries are ready to become guarantors of North Koreas security if it closes its Nuclear Program. However, negotiations are not very successful. Being not sure in its own forces and having no trust to these countries, North Korea does not give any distinct answer. Moreover, there is still a question whether it really has nuclear program and weapon. That is why all negotiation parties are very careful in their suggestions. It should also be admitted that Nuclear Program has a very strong ideological influence and meaning.Advertising Looking for research paper on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More For years Pyongyang has been stressing necessity of conquering South Korea and unification of the country. Having obtained the remedy for realization of their main purposes, North Korea has no chance to destroy it as it would mean renunciation of official ideology. Having analyzed the data, it is possible to suggest some believable scenarios of further development of actions. The first scenario provides peaceful decision of existing problem. North Korea can close its Nuclear Program in exchange for security safeguards and help in economic development of the country as current state of affairs is very complicated. Relations with South Korea will also improve and provide better development of the economy of the state. However, there is one more possible scenario which is not so peaceful. Failed to find compromise, leading states could just decide to solve this problem in a heavy handed way. In this case, possibility of the world war exists. That is why it is very important to find pea ceful solution which will satisfy all litigants. Works Cited An Overview of Inter-Korean Relations.  Web. Inter-Korean Relations. Web. â€Å"How advanced is North Korea’s nuclear programme?â€Å". The BBC News. 2014. Web. Klingner, Bruce. The U.S. Should Support New South Korean President’s Approach to North Korea. 2013. Web. Sigal, Leon. The North Korean Nuclear Crisis: Understanding The Failure of the ‘Crime-and-Punishment’ Strategy. 1997. Web. Soesanto, Stefan. â€Å"The North Korea threatâ€Å". The Hill.  2013. Web. This research paper on Seoul Policy toward North Korea Nuclear Crisis was written and submitted by user Wesley S. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.