Question

In: Economics

Explain the principles of modeling human behavior

Explain the principles of modeling human behavior

Solutions

Expert Solution

Modeling human choices as uniform random distributions is making a very serious claim about human behavior.

Basic principles of modeling human behavior are as follows

Humans as information processors- human as information processing system have a limited informational input bandwidth, limited memory and limited processing capability.as human have languages,their information source can be very wide.

Human motivation-as per Maslow theory human first need is to meet their basic physiological requirements.the next priority is for safety and security,then social need of friendship then external esteem and self actualization

Humans behaving rationally- a rationally behaving model needs to be able to represent knowledge,learn, remember new knowledge and apply that knowledge to determing the behavior of agent.

Humans behaving emotionally-the appraisal theory poses that there are a fixed set of dimensions of factors needed to determing the emotional status of an individual

Human behaving socially-As social being the behavior of individual is shaped by input from others in two basic way .first human have a theory of mind by which they imagine what others have as their goal,and second human behavior is influenced by and combines with the behavior of others .


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