Detail the difference between behavioral and non-behavioral economics.Suppose there is a proposal to replace workplace hiring system with a review of applicants’ resume and a skills test, and to eliminate in-person interviews. Given what has been learned about Systems 1 and 2, detail why one would think this hiring method work better or worse than an interview. What might be the pitfalls of relying on each method?In his book 'Blink', Gladwell described examples of situations when System 1 snap intuitive judgements can be more accurate than System 2 decisions? What are 2 examples of such judgements from his book. Should we always trust intuition more than we trust our rational thinking? Or should we trust system 2 more in most other life and work situations?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Detail the difference between behavioral and non-behavioral economics.
Suppose there is a proposal to replace workplace hiring system with a review of applicants’ resume and a skills test, and to eliminate in-person interviews. Given what has been learned about Systems 1 and 2, detail why one would think this hiring method work better or worse than an interview. What might be the pitfalls of relying on each method?
In his book 'Blink', Gladwell described examples of situations when System 1 snap intuitive judgements can be more accurate than System 2 decisions? What are 2 examples of such judgements from his book. Should we always trust intuition more than we trust our rational thinking? Or should we trust system 2 more in most other life and work situations?

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