<span>A behavioral economist is of the mindset that people make errors, and that those errors happen repeatedly throughout time. This is a systematic form of error. A behavioral economist might think that people are driven to things that tempt them, and might argue that people can be reckless in that sense. They would view people as wanting products that vary and cannot easily be determined based on data.</span>
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Answer:
The revenue should not be recognized because of the unusual and subjective terms under which the buyer has the right to return the product.
Explanation:
If a buyer of goods has the right to return a product, the transaction is considered a sale with a right of return. When regular sales are made under these terms and there is a reasonable basis for estimating returns, revenue from the sale ought to be recognized and an allowance for returnsshould be established.
However, when the rate of returns cannot be reasonably estimated, revenue is not recognized until the right of return expires. Even though the goods were shipped in 2015, until the buyer accepts the goods or the right to return them expires, revenue would not be recognized.
