Decision making--Review each situation (there are multiple scenarios within the activity) and identify which decision concept (theory, principle, model, etc.)

Part 1: After reading Chapters 7, 8, and 9 of our schoolbook book, I then reviewed the Unit 2 act which consisted of 5 scenarios. This use utilized different models, principles, and theories. In these Activities I plant that scenario peerless correspond the Allaiss Paradox, scenario two represented the Certainty Effect, employment common chord scenario represented the St. Petersburgh Paradox, scenario four represented the view Theory, and scenario five represented the Intransitivity. In Activity iodin I came to the polish that this scenario is an employment of Allaiss Paradox, I base my findings on the accompaniment that most citizenry granted the natural selections made unattached in scenario one would cull plectrum one which was the sealed result, even though takeion two has an anticipated larger worth. (plous, 1993, p. 85). I would choose option one myself, the way I project at it acquiring a guaranteed $1,000,000 is better than taking whatsoever chance of acquiring $0, even though there is solitary(prenominal) a one percent chance of realizeting nonhing with my luck I would be the one percent. In Activity two, I came to the final stage that this scenario is an example of the Certainty Effect; I based my findings on the fact that most people when give a alternating(a) would instead get rid of a loss, than reduce it.

If given the opportunity to choose between two options one may help and the other would positively help we would probable foot up out the sure thing. (Plous, 1993, p. 99) I fall into that 80 percent that would not purchase probabilistic insurance I would rather opt for insur ance that definitely pays when there is a lo! st. In Activity three I came to the conclusion that this scenario is an example of St. Petersburgh Paradox, I based my findings on the fact that by reasoning the... If you take to get a full essay, order it on our website: OrderEssay.net

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