Examlex
Compare and contrast the three decision-making approaches and describe which one you used when making a recent purchase.
Ultimatum Game
A game in economic experiments where one player proposes how to divide a sum of money with another player who can accept or reject the proposal.
Behavioral Economists
Behavioral Economists examine the impact of human psychology on individuals' economic decision-making processes, emphasizing deviations from traditional economic models.
Dictator Game
A game used in economic studies where a participant known as the "dictator" decides how to divide a certain amount of money between themselves and another participant.
Ultimatum Game
A game in economic experiments where one player proposes how to divide a sum of money with another, who can accept or reject the proposal, where rejection means neither gets anything.
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