Explain the insights provided by Bounded Rationality into

Assignment Detail:- ECON1339 Behavioural Economics - RMIT University Behavioural Case Studies Case 1- Using Experiments for Evidence-Based Policy Design Controlled lab or field experiments powerful tools are powerful tools frequently used in Behavioural Economics- Experiments can be used to determine the effect of different forces in complex situations and to inform policy Describe how experiments can be used to test a new policy idea, making sure to include your recommendations to the Government or organisation involved- Explain the common criticisms of experiments- Case 2- Bounded Rationality Explain the insights provided by Bounded Rationality into human decision making- Give examples of -1- the anchoring effect -2- availability effect -3- framing effect and -4- social norm- How are these heuristics relevant to pro-environmental behaviour???? Case 3- Changing Behaviour Nudging has been shown to affect behaviour in a wide variety of settings- Provide some real-life examples of using nudging to 1- improve compliance and 2- promote pro-social behaviour and discuss why you think these work- Describe any ethical issues and limitations that might arise from your examples- Case 4- Prospect TheoryExplain the value function and decision weighting function of Prospect Theory in your words- With reference to insights provided by Prospect Theory, explain the behaviour of people who buy home and content insurance and make high-risk investments at the same time- Describe how we can use framing effects to discourage risk seeking behaviour- Case 5- Long-Run Human BehaviourGender and trust norms have been shown to persist in society over a long period of time- Give some examples of norms in Australian society and suggest how these norms might have developed from historical events-  

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