University College London Classical & Contemporary Thinkers in Economics Paper

Short Answer Assignment 8: Daniel Kahneman

Explain one systematic error that we tend to make when trying to predict the utility

we will derive from future uncertain outcomes. State why this violates the standard

assumptions of expected utility maximisation

Instructions:

The instructions for the assignment (as stated in the Module Information pack) are as

follows:

 The answer must be word-processed.

 Any equations & diagrams can be handwritten, photographed & inserted into

the document.

 The page limit for the assignment is 1 page of A4 (Arial font, size 12, double

spacing, minimum 2 cm margins all around). This includes the text, diagrams

& equations.

 Any material which exceeds this page limit will not be marked.

 There is no need to include a reference list.

Important general points:

 Please ensure that you have read the assessment guidelines provided in the

UG Student Handbook, including late penalties, assessment cover sheets,

Turnitin submission requirements, extension requests and extenuating

circumstances.

 The pass mark for this module is 40% overall and there is a minimum mark

required for every component of 30%.

 Any change to assessment arrangements will be announced via Blackboard

and email.