Pub affairs 201 Exam |Questions & Correct Answers Passed with Grade A
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Course
Pub 201
Institution
Pub 201
Nudge: status quo bias -Prefer current state of affairs to change
Choice overload: nudge -Too many choices leads to no choice - decision fatigue, information
overload
Rules of thumb: nudge -Use mental shortcuts rather than considering full info available
Loss aversion: nudge -More sensitive to...
Pub affairs 201 Exam |Questions & Correct Answers Passed with Grade A Nudge: status quo bias - ✔✔ Prefer current state of affairs to change Choice overload: nudge - ✔✔ Too many choices leads to no choice - decision fatigue, information overload Rules of thumb: nudge - ✔✔ Use mental shortcuts rather than cons idering full info available Loss aversion: nudge - ✔✔ More sensitive to loss than gains Procrastinating: nudge - ✔✔ Limited self control Present oriented: nudge - ✔✔ Value present over future Framing: nudge - ✔✔ Make choices based on how information is pre sented Saliency: nudge - ✔✔ Focus on most important attribute of a choice, ignoring other important attributes Bounded rationality - ✔✔ Individual rationality is limited by the available information, cognitive information, time to make decision Bounded wi ll power - ✔✔ People sometime make decisions that are not in their long run interest Bounded self -interest - ✔✔ individuals are often willing to sacrifice their own interests to help others Shoves/Pushes - ✔✔ Deception or device that the shooter would not be complicit in putting into effect Present bias preferences - ✔✔ Ex: asking ppl if they would like to contribute in the near future and or increase contribution at same interval Opt in/ opt out - ✔✔ Default being already opting in so you have to make conscious decision to opt out regressive tax - ✔✔ A tax in which the burden falls relatively more heavily on low -income groups than on wealthy taxpayers. RAND Health Insurance Experiment - ✔✔ study of the impact of cost sharing on utilization and health outcomes RESULT - cost sharing reduced utilization but did not result in worse health outcomes Oregon Health Insurance Experiment - ✔✔ • Study began in 2008 • Oregon had enough funding to give Medic aid to 10k additional people • 90k uninsured persons eligible • 30k selected by lottery (randomly) • 10k given Medicaid and could be compared with those who were in the lottery but not selected • results - increased use of health care services - increased rates of diabetes detection and management - lowered rates of depression - reduced financial strain - no significant improvements in measured physical health outcomes in the first 2 years - INSURANCE MATTERS Adverse selection being mitigated
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