GET1023 – Thinking Like an Economist

Discussion points

Tutorial 5 (Are you happy?)

1. Describe duration neglect and the peak-end rule. How does the cold water experiment
demonstrate these two concepts?

2. What is the focusing illusion? Provide examples. Have you ever fallen victim to it?

3. Take a look at the happiness rankings in the world happiness reports for the past few years
(https://worldhappiness.report/download/). [In the 2019 report, the ranking is on pp. 24-26.
Find the equivalent tables in previous reports.] Is there anything that you find interesting
in these rankings?