•What indications occurred in the 2000 – 2006 housing market that a bubble bust was eminent?
•Explain the concepts of loss aversion, value attribution, and group dynamics.
•An economic principle is that markets will act in rational ways. Given the rise and bust of the housing bubble, do you agree or disagree that consumers act rationally? Explain why or why not.
•For each concept about how consumers act irrationally, explain how it might have affected the thinking of buyers, lenders, and investors as housing prices were raising.
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