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Get the free An irrational choice: behavioural economist wins Nobel Prize

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MARUTHI SCHOOL OF BANKING IMPORTANT GK (II Of III) OCTOBER (2017) 251.Who won 2017 Nobel prize in Economics for his work on behavioural economics? 1. Adam smith 2. John stuart Mill 3. Richard H. Thaler
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Identify the irrational choice or behavior that needs to be addressed.
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An irrational choice behavioral refers to a decision-making process where individuals make choices that are not based on logical reasoning or optimal outcomes. These choices often stem from cognitive biases, emotional influences, or social pressures.
Individuals or entities that engage in behaviors or decision-making processes that deviate from rationality may be required to document and file their irrational choices, especially in contexts where such behaviors violate regulations or policy frameworks.
To fill out an irrational choice behavioral report, individuals should provide a detailed account of the decision-making process, including the context, factors influencing their choices, and the outcomes. Additionally, they should include any relevant documentation or evidence that supports their claims.
The purpose of documenting irrational choice behavior is to analyze decision-making patterns, identify underlying causes of such choices, and implement strategies for improvement or intervention, particularly in fields like economics, psychology, and public policy.
The report should include personal details of the individual or entity involved, a description of the choices made, the circumstances surrounding those choices, any influences or biases that contributed to the decisions, and the specific outcomes or impacts of those choices.
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