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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. To whom is the following quote attributed: "The agent of economic theory is rational, selfish, and his tastes do not change" (525)?
(a) John Gottman.
(b) Gary Klein.
(c) Bruno Frey.
(d) Richard Thaler.

2. Who is the author of The Halo Effect?
(a) Christopher Chabris.
(b) Baruch Fischhoff.
(c) Malcolm Gladwell.
(d) Philip Rosenzweig.

3. In what year does the author describe visiting a Wall Street firm with Amost Tversky and Richard Thaler?
(a) 1965.
(b) 1984.
(c) 1999.
(d) 1975.

4. Who proved mathematically that attempts to explain loss aversion by the utility of wealth are doomed to fail?
(a) John Gottman.
(b) Bruno Frey.
(c) Matthew Rabin.
(d) Richard Thaler.

5. Who wrote that "chances of rare events (such as the burst of housing bubbles) receive less impact than they deserve according to their objective probabilities" (639)?
(a) Jim Collins and Jerry I. Porras.
(b) Ralph Hertwig and Ido Erev.
(c) John Gottman.
(d) Craig Fox.

Short Answer Questions

1. Who is the intellectual leader of an association of scholars against the author's works who call themselves NDM's?

2. Who was concluded to achieve better investment results in "Boys Will Be Boys"?

3. The author describes a study conducted before President Nixon visited China and Russia. When was this?

4. In the following example from Chapter 30, the author posits the following in regards to a person choosing a marble from an urn. The red marbles win a prize. "Urn A contains 10 marbles, of which 1 is red. Urn B contains 100 marbles, of which 8 are red" (631). What are the chances of winning in Urn A?

5. How many bus bombings occurred in Israel between December 2001 and September 2004?

Short Essay Questions

1. What is the initial gamble that Paul Samuelson famously asked a friend?

2. What is a framing effect?

3. What is the endowment effect?

4. Why was Kahneman astonished upon reading an essay by Bruno Frey?

5. What is a correlations coefficient?

6. What findings were published in "Money, Kisses, and Electric Shocks: On the Affective Psychology of Risk"?

7. What two different meanings does the author attribute to the word utility in Chapter 35?

8. What is hindsight bias?

9. What is the principle of loss aversion?

10. What is the expected utility hypothesis?

(see the answer keys)

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