We have seen that people overestimate how happy having higher wealth will make them due to their underestimation of adaptation.

We have seen that people overestimate how happy having higher wealth will make them due to their underestimation of adaptation.

1. We have seen that people overestimate how happy having higher wealth will make them due to their underestimation of adaptation.

Does this bias exacerbate or mitigate the effects of present bias when people choose whether to invest in their education? Explain in at most three sentences.

2. A high school wants to encourage healthy eating habits among its students. It is considering three possible changes: it may remove its vending machine, or it may increase the prices of junk food in the vending machine, or it may move the vending machine to an inconspicuous corner under the back stairs.

Which of these policies corresponds most closely to the definition of “nudge”? Explain in at most two sentences.

SOLUTION

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