Understanding Behavioral Economics and Expectations

The video discusses the importance of understanding human irrationality in political candidates, highlighting Obama's use of behavioral economics in his campaign. It also raises concerns about the high expectations placed on Obama due to limited information, drawing parallels to assumptions made in online dating.

Why does the speaker prefer a candidate who understands people's irrationality?

• Because it avoids any emotional decisions.

• Because it ensures strict adherence to rules.

• Because it allows for better policy-making considering human behavior.

• Because it helps in making logical decisions.

What innovative strategy did Obama use in his campaign?

• A nationwide tour.

• A lottery system for a private dinner.

• A traditional fundraising dinner.

• A public debate with opponents.

How much money did Obama raise using the lottery system?

• $10 million

• $5 million

• $8 million

• $1 million

What field does the speaker hope to see represented on The Economic Council?

• Political Science

• Behavioral Economics

• Traditional Economics

• Sociology

What is the speaker's main concern about Obama?

• His lack of experience.

• The high expectations due to limited information.

• His economic policies.

• His foreign policy stance.

What does the speaker compare the high expectations of Obama to?

• A movie premiere.

• Online dating assumptions.

• A sports event.

• A job interview.

What is a common assumption people make in online dating, as mentioned by the speaker?

• That profiles are always accurate.

• That they share the same interests.

• That everyone is looking for a serious relationship.

• That everyone is honest.

Why do people have high expectations of Obama, according to the speaker?

• Because of his strong policy proposals.

• Because of the lack of detailed information about him.

• Because of his charismatic personality.

• Because of his extensive political experience.

What does the speaker suggest about the expectations from past presidents?

• They were usually low.

• They were based on extensive information.

• They were not as high as those for Obama.

• They were always met.

What is the speaker's view on the potential of Obama as a president?

• He is the most experienced candidate.

• He is comparable to past presidents like JFK.

• He lacks the necessary skills.

• He is unlikely to meet expectations.