Y1 - Int. to Behavioural Economics

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1. Q1 . Assume that the utility of €500 equals 1 and the utility of €0 equals 0. Draw your utility function based on your a
2. Q2. Do you satisfy diminishing marginal utility?
3. Q3. Can you think of another, closely related way to measure utility functions?
4. Q4. Assume that the utility of €500 equals 1 and the utility of €0 equals 0. Imagine that Ann answered the following pro
5. Q5. Which preference axiom(s) does Ann violate?
6. Q6.Suppose Bill answered €260 to question 1 of questionnaire 1. Which preference axiom does he violate?
7. Q7. In general, do you expect both methods (questionnaires 1 and 2) to give the same utility functions? Explain your ans
8. Q8. Please have a closer look at the questionnaire designs. What would you do differently?
9. Q9. Suppose we use yet another method to measure utility. Suppose we found the following indifferences for a subject: (€
10. Q10. Suppose you are asked to find out how much utility a day with back-pain yields compared to one day in full health.