ANSWER ANY TWO QUESTIONS (all questions carry equal marks) And each question answered need to be 1,500 words.That mean 3,000 words in total.No Plagiarism 1.a) Explain the differences between prospect theory and expected utility theory. (50%)b) Show how prospect theory is superior, using at least three examples from empirical studies. (50%) 2.a) Explain why hyperbolic discounting is superior to exponential discounting in explaining intertemporal decision making. (75%)b) What is the best theoretical explanation for hyperbolic discounting? (25%) 3.a) Explain what is meant by an iterated game, using two numerical examples. (50%)b) Explain the conclusions of empirical studies regarding such games and compare these with the predictions of standard game theory. (50%) 4.a) Explain the difference between reciprocity and strong reciprocity and why it is relevant in behavioural economics, giving two examples. (40%)b) Explain why social norms are important in understanding behaviour, giving three examples. (60%)
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