D Question 1 2 pts Which single phrase best summarizes the focus of normative de
ID: 131023 • Letter: D
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D Question 1 2 pts Which single phrase best summarizes the focus of normative decision making? how people can use statistical models to make better decisions how idealized and fully logical people make rational choices how to use decision heuristics to improve outcome quality how people actually make choices in real life with no guarantee that they make optimal choices D Question 2 2 pts Which single phrase best summarizes the focus of descriptive decision making? how people can use statistical models to make better decisions how idealized and fully logical people make rational choices O how to use decision heuristics to improve outcome quality how people actually make choices in real life with no guarantee that they make optimal choicesExplanation / Answer
Q1. how idealized and fully logical people make rational choices.Normative decision making is concerned with identifying the best decision to make, modelling an ideal decision maker who is able to compute with perfect accuracy and is fully rational.
Q2.how people actually make choices in real life with no guarantee that they make optimal choices.Descriptive decision theory is concerned with characterising and explaining regularities in the choices that people are disposed to make.
Q3.System 1 is automatic and System 2 is deliberate.System 1" is fast, instinctive and emotional; "System 2" is slower, more deliberative, and more logical.
Q5. Cognitive reflection test.The cognitive reflection test (CRT) is a task designed to measure a person's tendency to override an incorrect "gut" response and engage in further reflection to find a correct answer. It was first described in 2005 by psychologist Shane Frederick.
Q6. True.When you are in a state of cognitive ease, you are probably in a good mood, you like what you see, believe what you hear, trust your intuitions and feel that the current situation is comfortably familiar.
When you feel strained, you are more likely to be vigilant and suspicious,you invest more effort in what you are doing, feel less comfortable, and make fewer errors, but you also are less intuitive and less creative than usual.
Q7.Availability heuristic.It is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept etc. It is easier for people to think of words that begin with "R", more than words with "R" as the third letter. Thus, people judge words beginning with a "R" to be a more common occurrence.
Q8. Representativeness heuristic.It is used when making judgments about the probability of an event under uncertainty,proposed by psychologists Amos Tversky and Daniel Kahneman in the early 1970s.
Q9.Affect heuristic.It is a type of heuristic in which emotional response like fear,pleasure,pain etc, or "affect" plays a lead role.
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