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Which of the following behaviors is consistent with utility maximization? 1/n heuristics framing context effects none of the above

          Which of the following behaviors is consistent with utility maximization?
1/n heuristics
framing
context effects
none of the above
        
Which of the following behaviors is consistent with utility maximization?
1/n heuristics
framing
context effects
none of the above

Added by Kent B.

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Which of the following behaviors is consistent with utility maximization? (1)/(n) heuristics framing context effects none of the above Which of the following behaviors is consistent with utility maximization? Q 1/n heuristics O framing context effects none of the above
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Transcript

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00:01 All right, so we have a multiple choice question here about optimality models, and we want to choose the answer choice that represents something that is not an advantage.
00:11 So when we talk about optimality models in biology and animal behavior, basically these are models used to predict an animal's behavior in terms of costs and benefits, and what would be the optimal behavior such that the benefits outweigh the costs.
00:35 So given that they're scientific models, they make clear predictions, that's the whole point, about costs and benefits of a behavior.
00:43 So choice a says basically the definition of optimality models, and that is an advantage, that's why they're used and why they're useful.
00:55 All right, answer choice b, always perfectly predict an individual's behavior.
00:59 Well, regardless of the type of model, nothing is, if it's a model, is not going to perfectly predict a scenario.
01:07 You can't just, you know, deduce a bunch of hypotheses and exactly nail behavior in the real world, because humans and animals, there's, you know, something besides just logic and math and driving their behavior.
01:24 So this is not an advantage...
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