Give at Least Three Examples from Economics Where Each of the Following

question 3

Essay

Give at least three examples from economics where each of the following type of data can be used: cross-sectional data, time series data, and panel data.

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Definitions:

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk.

Reference Point

A basis or standard for evaluation, assessment, or comparison; a point of reference.

Loss Averse

The psychological phenomenon where losses are perceived to be more significant than equivalent gains.

Mental Accounting

The process by which individuals categorize their money into different accounts based on subjective criteria.