Date and Time: June 11th, 2019, 3:00 pm - 5:00pm
Room: A 101 in the Economics Building (Museum)
Behavioral economics, notably developed by Daniel Kahneman, Amos Tversky and Richard Thaler, has found consistent and pervasive anomalies in common people’s daily behaviors. This paper has employed the concepts in traditional economics (e.g., choice, relative price, and opportunity cost) to analyze the anomalies found in behavioral economics. The results show that quite a few anomalies, such as preference reversal,
isolation effect and sunk cost fallacy, do not exist. This is not to say that people always make rational choices. The findings of the paper conclude, however, that common people may not be as irrational as behavioral economists have suggested (in some situations, common people may act more like a rational economist).
About the speaker
Kuoping Chang is an appointed professor at Xi`an Jiaotong University. He received his PhD Degree from the University of Pennsylvania. He published more than ten papers in international peer-reviewed journals.