Steps of making risky choice free of the biasing effect

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1. A credit card company wants to market a new scheme for its clients, offering them 5% of their yearly spending as a cash gift at the end of the year. How should the company refer to this rebate, and why?

2. The chapter identifies three steps of making a risky choice free of the biasing effect of reference points. What are these three steps?

3. Richard Thaler distinguished between a product’s acquisition utility and transactional utility. On which of these two types does the product’s seller has control, and how?

4. A firm has exceeded its revenue forecast for the year, and wishes to share some of the surplus with its employees. Outline the bonus scheme that is likely to generate higher levels of satisfaction from the employees, and explain why.

Reference no: EM132282726

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