What is an anomaly in Economics?
I’m working on a economics writing question and need a sample draft to help me learn. Write a summay of the article “Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias”. The summary should include 1). What is an anomaly in Economics? 2). What anomalies are discussed in the article? why can’t a rational choice mode explain the anomalies? 3). In contract, what cognitive features (or principles) of the Prospect Theory could potentially explain the anomalies? 4) What did you like (and/or dislike) about the article?
