Why Is Saving for the Future So Arbitrary? in the book Animal Spirits, Chapter 10 by George A. Akerlof and Robert J. Shiller Custom Essay

Undergraduate College Level (Senior) Paper must have at least six quotes / citations from the book or other

published articles.

The essay paper should contain the following:
1) Thesis – The author’s primary assertions (argument). To have a general idea of what is meant by Why Is Saving

for the Future So Arbitrary.
2) Introduction/Body – Offer a critical opinion of what Akerlof and Shiller mean by Why Is Saving for the Future

So Arbitrary, support with examples with the book or articles (citations), knowledge of critical theory, or other

facts having researched. What are the major strengths and weaknesses of saving for the future in our life’s

according to the standard economic model vs. the behavioral economic model, and why?

SEM vs BEM

Standard Economic Model:
You calculate what is risky or rewarding and always choose to maximize gains while minimizing losses.

• Analytical / “Econ”
• Logical: reason oriented
• Logical connections
• Behavior mediated by conscious appraisal
• Encodes reality in abstract symbols, words and numbers
• Slower processing; delayed
• Justification via logic & evidence

Behavioral Economic Model:
You depend on emotions to tell you if something is good or bad, overestimate rewards, and tend to stick to your

first impressions.

• Holistic / “Human”
• Affective: pleasure-pain oriented
• Associative connections
• Behavior mediated by “vibes” from past experiences
• Encodes reality in images, metaphors and narratives
• More rapid processing; immediate
• Self-evidently valid: “experiencing is believing”

3) Conclusion – Conclude with some statements about your personal judgment of the on saving for the future. What

social or historical events does savings solve or create?
4) Optional: Compare the work to others by the same author or others in the same genre, if appropriate.

Guidelines:
The Essay should contain a description, critical analysis, and an evaluation on the quality, meaning, and

significance of what is meant by “Why Is Saving for the Future So Arbitrary?” A descriptive essay shows the

strengths and weaknesses of the material being analyzed though a thesis statement, supporting paragraphs and

conclusion.

 

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