Read the article “Economists discover miracle hangover cure: drink less”, and write an essay to address the following questions:
• What are the basic assumptions that economists take as given when building their models of mentioned in the article? Why are these assumptions important to economists developing theory and building models? Why is it important that people using the models developed by economists know and understand these assumptions?
• What is the opportunity cost to Chris of going home to plan PlayStation?
• Jessica, the journalist, argues, ‘Hangovers are only possible because ordinary humans often do not fit the model of rational individuals prescribed by economists’. What reasons does she give for this? Is it necessarily true?
• According to economists how do rational people choose between alternatives and how do they explain changes in choices? Can you find an example to illustrate this in the article?
• Is the article a case of ‘It might work in theory, but it doesn’t work in practice’?
perception of reality adjusts to meet the situational demands that are represented (Ajtony, 2015; Soukup, 2012; Stewart, 1995). We begin to question and alter how we fit into our perceived world that we co-construct during interactions. Although multiple views of social constructionism exist, one description claims to hold “a social process of creating the world,” (Barnett Pearce, 1995, p. 98) which asserts the lack of an already known world. This notion conflicts with the more positivist research, which aims to discover the perceived reality. Barnett Pearce (1995) distinguished how individual interests and behaviors, as well as one’s language take part in the process of construction through both the receiver and participant positions. This notion complements that of Richardson (2013) and her examination of identity. She claims the “understanding of reality and identity is constructed in the talk of the narrative” (p. 97). By conducting research through narratives and told accounts, we gain a glimpse of how others perceive the reality in which their lives are set. Through this understanding of reality, we are able to shape our identities further, which additionally affects how we communicate with others. Socially constructed identity. Identity stands as a dynamic construction determined by multiple resources, such as language and culture (Ajtony, 2015; Baxter, 2015; Hall & Bucholtz, 1995). As previously described, identity largely links to communication and linguistic interactions (Ajtony, 2015; Archakis & Papazachariou, 2008; Richardson, 2013). The social construction of identities occurs as being “indexical” (Archakis & Papazachariou, 2008, p. 627) where individuals develop and produce such identities in “moment-to-moment interactions” (Archakis & Papazachariou, 2008, p. 628; Hall & Bucholtz, 1995). Various properties contribute to the construction of one’s identity including communicative strategies incorporated in interactions, as well as prosodic, or intonation, combinations. Each of these characteristics exists based on contextual cues and differs from situation to situation. Baxter (2015) reasons that identity exists as a socially constructed practice and maintains dependence upon the production of our behavior and beliefs. In this sense, language is portrayed as a tool to be utilized in communication and the development of one’s identity (Baxter, 2005; Stewart, 1995), which is additionally determined by “social factors such as [one’s] gender, ethnicity, education, professional status, and so on” (Baxter, 2015, p. 428). This tool is a reference used to shape how we communicate with others, which aids in the development of one’s identity rather than one’s identity shaping how we communicate using language.>GET ANSWER