Automated decision-making procedures

Assignment Help Management Theories

Reference no: EM133440172

Case: Describe an event in your life when you made a spur-of-the-moment decision that led to regret. A spur-of-the-moment versus considered choice: financing a car with a down payment of 20 percent with money received as an incentive from work. Spur-of-the-moment is going to the car dealer after immediately getting the money and then financing the first car you see from the first car dealer you pass. Considered choice would be taking the time to research and compare all the different vehicle choices available, price choices and even consider leasing - It may come down to comparing options at very similar prices.

Question 1. Understanding the kind of biases you may have had on the spur-of-the-moment ignoring certain information and attending to other information, can clearly improve performance in these sorts of circumstances.

Question 2. Based on your understanding of the concept of behavioral decision making, do you think we need neuroeconomics to come along and suggest that given their goals people employ some kind of automated decision-making procedures?

Question 3. Do you think that neuroscientists should peer into our brains and build more 'profitable' models of decision making?

Question 4. What impact did this discussion task have on your perception of neuroeconomics science?

Reference no: EM133440172

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