Indicate whether each of the following examples of behavior is consistent with the utility-maximization framework of traditional economics or is better explained by concepts developed by behavioral economists.
a. Some people would turn down a new, higher-paying job if it meant spending less time with their family.
b. People at all-you-can-eat restaurants eventually leave, even though they could continue eating for free.
c. Some people treat $85 they earn differently from $85 they win from a lottery ticket.
d. Some people care more about how much money they make relative to other people than about their absolute level of income.
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Indicate whether each of the following examples of behavior is consistent with the utility-maximizat...
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