Would people pay for useless information?

The purpose of this paper is to highlight the differences between traditional Economic model and modern Economic model by proposing a method that distinguishes the behavior of people, whether they are rational or irrational in thinking. In this paper, we carried out two experiments specifically...

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Main Author: Loo, Shi Mei.
Other Authors: School of Humanities and Social Sciences
Format: Final Year Project
Language:English
Published: 2012
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Online Access:http://hdl.handle.net/10356/48852
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-488522019-12-10T10:58:27Z Would people pay for useless information? Loo, Shi Mei. School of Humanities and Social Sciences Nattavudh Powdthavee DRNTU::Humanities The purpose of this paper is to highlight the differences between traditional Economic model and modern Economic model by proposing a method that distinguishes the behavior of people, whether they are rational or irrational in thinking. In this paper, we carried out two experiments specifically the Fair Coin Tossing and the Sports Betting Game. Our main focus is on the second one as we considered it to be an advanced game of the first questionnaire. From the two experiments, although we agreed with what has been explained in both Economics and Behavioral Economics and we also expect the participants to behave typically in the way which Behavioral Economics explains, yet the outcome proved otherwise. Besides that, the outcomes for these two experiments are against each other. The first experiment showed that our participants behaved in a seemingly irrational way when they were answering the questionnaire. On the other hand, for the second experiment, most of our participants behaved rationally throughout the course of the game. We have divided this paper into four sections where the first section is an introduction that draws out some differences between the traditional and modern Economic models. Questionnaire of Fair Coin Tossing and Sports Betting Game are explained in the second and third section respectively. The last part would then be a summary of our findings for both experiments. Bachelor of Arts 2012-05-10T03:58:36Z 2012-05-10T03:58:36Z 2012 2012 Final Year Project (FYP) http://hdl.handle.net/10356/48852 en Nanyang Technological University 48 p. application/pdf application/vnd.ms-excel
institution Nanyang Technological University
building NTU Library
country Singapore
collection DR-NTU
language English
topic DRNTU::Humanities
spellingShingle DRNTU::Humanities
Loo, Shi Mei.
Would people pay for useless information?
description The purpose of this paper is to highlight the differences between traditional Economic model and modern Economic model by proposing a method that distinguishes the behavior of people, whether they are rational or irrational in thinking. In this paper, we carried out two experiments specifically the Fair Coin Tossing and the Sports Betting Game. Our main focus is on the second one as we considered it to be an advanced game of the first questionnaire. From the two experiments, although we agreed with what has been explained in both Economics and Behavioral Economics and we also expect the participants to behave typically in the way which Behavioral Economics explains, yet the outcome proved otherwise. Besides that, the outcomes for these two experiments are against each other. The first experiment showed that our participants behaved in a seemingly irrational way when they were answering the questionnaire. On the other hand, for the second experiment, most of our participants behaved rationally throughout the course of the game. We have divided this paper into four sections where the first section is an introduction that draws out some differences between the traditional and modern Economic models. Questionnaire of Fair Coin Tossing and Sports Betting Game are explained in the second and third section respectively. The last part would then be a summary of our findings for both experiments.
author2 School of Humanities and Social Sciences
author_facet School of Humanities and Social Sciences
Loo, Shi Mei.
format Final Year Project
author Loo, Shi Mei.
author_sort Loo, Shi Mei.
title Would people pay for useless information?
title_short Would people pay for useless information?
title_full Would people pay for useless information?
title_fullStr Would people pay for useless information?
title_full_unstemmed Would people pay for useless information?
title_sort would people pay for useless information?
publishDate 2012
url http://hdl.handle.net/10356/48852
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