Question

In: Economics

People contribute to disaster relief even when they do not personally know anyone who has been...

People contribute to disaster relief even when they do not personally know anyone who has been affected by the disaster. What psychological factor associated with behavioral economics explains this behavior?

overconfidence

sunk cost fallacy

framing bias

altruism

Solutions

Expert Solution

There are many kinds of economic behavior is influenced our society these behavior is termed as that the psycological factors have on the economic decition making.

The people who contribute to disaster relieve even when they do not personally know anyone who has been affected by the disater , This purely indicates the ALTRUISM.

According to Neo- classicals people are rational and they do whatever to increse their welath. When the people sacrifies to benefit others without expecting a personal reward the were behave as altrustically .

It focuses on sacrificing behavior of people made to benefit other people for welfare ,equality and fairness etc.

Rahul Sunny answered 2 years ago
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