A lesson I’ve put together with suggested content and an essay plan for the paper 1 specimen 2014 essays on Behavioural economics.
Traditional economic theory assumes that consumers make rational decisions that maximise their economic welfare, but behavioural economists disagree.
Using examples to illustrate your answer, explain how anchoring and loss aversion can affect an individual’s choices when deciding how to spend or save their income. [15 marks]
The Government would like to improve the well-being of the population by encouraging people to adopt a healthy diet. Using your knowledge of both traditional economic theory and behavioural economics, assess alternative policies that the Government might adopt to try to achieve its objective. [25 marks]
Any suggestions/improvements/complaints please do comment and I will update it for future editions.
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http://opendyslexic.org/
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