In the early 1990’s, New Jersey and Pennsylvania both reformed their automobile insurance systems so that citizens could opt for either a less-expensive policy that did not allow people to sue if they got into accidents or a more-expensive policy that did allow people to sue if they got into accidents. In New Jersey, the default option was the less-expensive policy that did not allow suing. In Pennsylvania, the default option was the more-expensive policy that did allow suing. Given those options, which policy do you think most people in New Jersey ended up with? What about in Pennsylvania? Explain.
10. What does behavioral economics have to say about each of the following statements?
a. “Nobody is truly charitable-they just give money to show off.”
b. “America has a ruthless capitalist system. Considerations of fairness are totally ignored.”
c. “Selfish people always get ahead. It’s like nobody even notices”
11. Do people playing the dictator game show only self-interested behavior? How much divergence is there in the splits given by dictators to the other player?
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