Reference no: EM13954443
Why people are not always rational
Assignment: Why People Are Not Always Rational
Note: Next week, you will be will be studying the dynamics of group decision making. To prepare for the Week 8 assignments, you will complete this week's assignment in groups. Your Instructor will assign you to one of six groups to complete this Assignment and the Discussion that follows. Remember, students taking this course come from different cultures around the world. It is important to be respectful of each other, regardless of how different your ways of thinking or interacting might be.
Psychological research shows the way people make decisions is often not rational. To prepare for this Assignment, read about the Allais Paradox and the Ellsberg Paradox in the Hastie and Dawes text. Also read Daniel Kahneman's Nobel Prize lecture, "Maps of Bounded Rationality: A Perspective on Intuitive Judgment and Choice."
For this Assignment, your Instructor will assign the following:
Each student to one of six groups
To each group, one of the following chapters from the Hastie and Dawes text: 4, 5, 6, 7, 8, or 9
To each group, one of the videos listed under Media in this week's resources.
Chapters 4 through 9 of the Hastie and Dawes text present a variety of ways in which people may succumb to inherent decision-making biases. For this Assignment, each student will read one of these chapters and work collaboratively with his or her group to write a 3- to 5-page group paper that explains the content of the assigned chapter and its connection to the decision problems from Week 1. In your Discussion this week, you will post your paper for your colleagues to read and discuss.
With your group, identify decision problems from the Week 1 Assignment that fall within the purview of the challenges or biases associated with rational decision making as discussed in your group's assigned chapter and video.
With your group, collaboratively write a 3- to 5-page paper that explains your experiences with the Week 1 decision problems and how inherent decision-making biases may have influenced rational thought. In this paper, analyze whether you were affected by these biases as identified in your group resources. Explain how these biases affected your decision making.
|
What moral violation, and some form of punishment in order
: In failing to make a full disclosure, are the plant owner and managers guilty of a moral violation? What is the moral violation, and is some form of punishment in order?
|
|
A new technology into a society initiates
: Any introduction of a new technology into a society initiates an endless series of effects, especially for those who have and use the technology compared with those who do not or cannot use the technology.
|
|
Based on your analysis in part c briefly comment
: Based on your analysis in part c, briefly comment on how well the company has controlled its investment in inventory.
|
|
What is the gamma factor for the pions
: What must be one's speed relative to frame S in order that one's clock will lose 1 second per day as observed from S? What if teh are to lose one minute per day.
|
|
Why people are not always rational
: Note: Next week, you will be will be studying the dynamics of group decision making. To prepare for the Week 8 assignments, you will complete this week's assignment in groups. Your Instructor will assign you to one of six groups to complete this A..
|
|
What are the conditional probabilities p (m|s) and p (w|s)
: What is the probability a person in the study preferred plain bottled water?
|
|
Explain radioactivity in terms of an unstable nucleus
: Explain radioactivity in terms of an unstable nucleus. What are the differences between alpha particles, beta particles, and gamma rays?
|
|
Which firm has had better financial performance
: In your opinion, which firm has had better financial performance? Support your answer using your calculations in parts a, b, and c.
|
|
Describe the type of radiation that is emitted by radon gas
: Discuss the public health effects that may result in a community exposed to noise produced by a nightclub. Describe the restrictions to recommend to the city for the new nightclub to meet before granting an approval.
|