As a reminder, this discussion board is optional for extra credit (up to 3 points) towards your final exam. To answer the questions for this discussion board, please refer to Week 13 and 14’s readings (Strategic Thinking and Decision Tree) under Course Readings.

The readings below are your sources along with the file uploaded.
https://www.tutor2u.net/economics/reference/explaining-bounded-rationality
https://www.bu.edu/eci/education-materials/textbooks/microeconomics-in-context/
https://www.investopedia.com/terms/g/gametheory.asp
https://www.econlib.org/library/Enc/PrisonersDilemma.html

1. In Contextual Economics, which of the five core principles of economic behavior do you think should be emphasized? why?

2. Explain the principle Bounded Rationality and its relationship to satisfice. Provide a recent example from your daily activities.

3. Explain in your own words the Prisoner’s Dilemma. How could you apply the cost benefit analysis principles to this game theory?


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