Which statement is incorrect, with regards to behavioural economics theories?

Question

BlackTom AI · Accepted Answer

Turning to the core ideas of behavioural economics, we assess each statement in turn.
Option a: 'Behavioural economics theories are based around the assumption that human beings are motivated by psychological, social and emotional factors.' This is accurate, as behavioural economics emphasizes bounded rationality, heuristics, social norms, emotions, and other psychological factors that influence decisions.
Option b: 'Behavioural economics theories assume human beings are rational and have accurate information in order to weigh the costs and benefits of decisions.' This is not consistent with behavioural economics. It challenges the assumption of full rationality and perfect information, highlighting systematic biases and imperfect information instead. Therefore this statement is incorrect.
Option c: 'Behavioural economics theories acknowledge that human beings do not always behave in a rational way when making decisions.' This is a central tenet of behavioural economics, recognizing departures from pure rationality due to cognitive biases and heuristics.
Option d: 'Behavioural economics theories are used by governments and firms to try to influence people’s behaviour.' This reflects real-world applications, such as 'nudges' by policymakers and targeted strategies by businesses to shape choices.
In summary, options a, c, and d align with behavioural economics principles and applications, while option b contradicts the fundamental premise of the field by attributing rationality and perfect information to decision makers.

Which statement is incorrect, with regards to behavioural economics theories?

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