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Author Question: In what way does the process of decision making change under decision affect theory? What will be ... (Read 138 times)

lindiwe

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on: Jun 20, 2018
In what way does the process of decision making change under decision affect theory?
 
  What will be an ideal response?

Question 2

Provide an example, in terms of the expected utility model, to illustrate how different decisions have different values for different people.
 
  What will be an ideal response?


leahm14

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Reply #1 on: Jun 20, 2018
Answer to Question 1

Answer: According to decision affect theory, anticipated emotions, such as regret and disappointment, replace utilities as the carriers of value. As a result, decisions are made on emotion instead of monetary outcomes or probabilities.

Answer to Question 2

Answer: The examples will vary across students. However, all responses should include the expected utility, probabilities of possible outcomes, and utility of each possible outcome..


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