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Topic:
What Effect Does Emotion Have on Economic Decision-Making?
Essay Instructions:
*Specific and sustained use of TOK language/concepts (for example, areas of knowledge, ways of knowing, 12 key concepts, knowledge claims, etc.)
*A complex approach to the question; in other words, avoid oversimplifying your discussion and work to develop a sophisticated response
*References to at least two specific examples/situations that are relevant to the question (In TOK terms, these examples are called Real Life Situations or RLS)
Note: The RLS does not need to be limited to those presented in the Phoebus Cartel podcast. Show what you know!
No outside resources should be used!
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What Effect Does Emotion Have on Economic Decision-Making?
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What Effect Does Emotion Have on Economic Decision-Making?
Even when people are presented with the same information, they do not make the same decisions, partly because of their understanding and emotions on the issue. Fear is one emotion that influences economic decisions, as expectations that there will be a slowdown in the economy are associated with more cautious spending habits. Thus, individuals and policymakers may consider how deferring immediate satisfaction would influence consumption and savings. Emotional biases in decision-making reflect the influence of mood, such as impulse buyers making unplanned purchases because of positive emotions like joy and pleasure, even when prices are unreasonably high.
In economics, there is an assumption that peo...
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