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Author Question: Define consequences in terms of decision theory. What will be an ideal ... (Read 31 times)

nramada

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on: Jun 20, 2018
Define consequences in terms of decision theory.
 
  What will be an ideal response?

Question 2

Describe a situation in which a reversal of preference would likely occur.
 
  What will be an ideal response?


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samiel-sayed

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

Answer: Consequences are the benefits or losses associated with a particular choice. Consequences can be described by their outcomes or results, value or worth, and utility or desirability.

Answer to Question 2

Answer: When asked to choose between a high-probability event (e.g., 8/9 chance of winning 4; otherwise nothing) and a large return event (e.g., 1/9 chance of winning 40; otherwise nothing) research participants tend to choose the high-probability event. However, if participants assumed that they owned the rights to the events and were then asked to sell the events, they requested a higher amount for the large return event. This example is based on the one used in the text. Students can vary from this but should include a high-probability event versus a high-return event.


nramada

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Reply 2 on: Jun 20, 2018
Excellent

Joy Chen

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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