Author Question: Describe the adaptive decision maker model being sure to include factors influencing the strategies ... (Read 94 times)

Deast7027

  • Hero Member
  • *****
  • Posts: 538
Describe the adaptive decision maker model being sure to include factors influencing the strategies used to make choices.
 
  What will be an ideal response?

Question 2

Describe the stages of processing associated with prospect theory.
 
  What will be an ideal response?



aprice35067

  • Sr. Member
  • ****
  • Posts: 337
Answer to Question 1

Answer: The assumption of the adaptive decision maker model is that people are adaptive in choosing strategies for decision making based on the trade-off of cognitive effort, ease of execution, time, and consequences. The strategies available to them form a cognitive toolbox that includes satisficing, elimination by aspects, heuristics, and expected utility calculations. Important decisions require the use of more cognitively demanding algorithms while less important decisions often use fast-and-frugal strategies. This model provides a more valid description of how people make decisions than the expected utility model alone.

Answer to Question 2

Answer: Prospect theory assumes that our decisions are based upon our perception of the situation. Therefore, the first step in decision making is comprehending potential prospects by framing the terms of the decision. Framing involves simplifying and combining some quantities and evaluating prospective gains and losses in relation to a reference point. The reference point is usually the current situation but is free to vary (i.e., it is not fixed). Once the values and decision weights are determined for each potential prospect, we calculate the expected-value of each prospect in order to select one prospect.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

For a complete list of videos, visit our video library