– This essay counts for 10% of the final mark of this course.
– The length of the essay should not exceed 2,500 words.
– References and bibliography should follow the Harvard system.
– Do not make use of sources without proper acknowledgement and reference. All statutory
penalties for plagiarism apply to this essay and will be pursued as appropriate.
– The essay has to be submitted electronically via the course’s Moodle BLE site, before 23.59 on Friday, 23 November 2013. Details of the submission procedures will be conveyed separately, via
the Moodle site. The statutory penalty deductions will apply to all late submissions.
Answer the following question
A firm that produces insulation systems has increased the price of its product and is considering the launch of two alternative advertising campaigns. Campaign A: “If you insulate, you will save £200 per year”. Campaign B: “If you do not insulate, you will lose £200 per year”.
Analyse the consequences for the consumer choice between insulation and heating using classical consumer theory and then using the concept of “framing” from behavioural economics (for a general meaning of the framing effect you can look at the classical article of Tversky and Kahneman, which is attached). Discuss pros and cons of the rational consumer hypothesis and its possible deviations.
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