Homework Answers
Independence Axiom states that when two lotteries are mixed with an irrelevant third alternative, then the preference order remains same as when the two are presented independently of the third one.
This axioms prevents inability to make choices under risk pathology.
Correct Ans - B
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The Axiom of Independence prevents what pathology of decision making? o In B. Inability to make...
10. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of...
10. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Obsession with infinitely improbable alternatives C. Manipulation by framing effects D. Becoming a "money pump E. Neglecting base rates 14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns) is characteristic of A. Risk neutrality B. Risk-seeking C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom...
8. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1...
8. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1 (a) and Player 2 (b), respectively) Player 1 CİD Player 2 C| (4,3) | (5-1) What dominant strategies, if any, does Player 1 have? A. C is strongly dominant B. D is strongly dominant C. C and D are both weakly dominant D. Player 1 has no dominant strategies E. Cannot determine without additional information 10. The Axiom of Distribution of Probabilities Across Alternatives...
14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns tic...
14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns tic of A. Risk neutrality C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom of Independence prevents what pathology of decision making? A. Inability to make a decision of any kind for some choice sets B. Inability to make choices under risk C. Obession with infinitely improbable alternatives D. Neglecting base rates E. Manipulation by framing effects
18. The Axiom of Closure prevents what pathology of decision making? A. Violation of the "sure...
18. The Axiom of Closure prevents what pathology of decision making? A. Violation of the "sure thing" principle B. Becoming a "money pump C. Inability to make choices under risk D. Obsession with infinitely improbable alternatives E. Neglecting base rates 19. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1 (a) and Player 2 (b), respectively) Player 1 R. Player 2 L (2,-2) (0,2) R (2,0) (0,0) What is the best response of Player...
7. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of...
7. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Neglecting base rates C. Manipulation by framing effects D. Obsession with infinitely improbable alternatives E. Becoming a "money pump" The following applies to questions 8-9 below. Consider the following sequential game (note Player 1's payoffs are in the upper right cells): 5 3 0 -5 9. What dominant strategies, if any, does Player 2...
14. Which of the following is not part of the definition of a decision situation? A....
14. Which of the following is not part of the definition of a decision situation? A. Beliefs B. Choice Set C. Values D. Heuristics E. States of the World 15. Fill in the blank: The probability of a hypothesis after data is observed is called the probability. A. normative B. prior C. likelihood D. posterior E. independent 16. What heuristic involves considering only options which meet all of a fixed set of criteria? A. Win-Stay, Lose-Shift B. Optimization C. The...
O Identify objectives D Question 7 1 pts Decision making: e Involves analysis and evaluation e...
O Identify objectives D Question 7 1 pts Decision making: e Involves analysis and evaluation e Requires making choices among available alternatives ® Relies on information O All of the above DQuestion 8 1 pts
Question 42 In decision-making, luck o a. cannot be quantified o b. can be quantified oc....
Question 42 In decision-making, luck o a. cannot be quantified o b. can be quantified oc. often plays a role in determining whether good or bad outcomes occur o d. can be ignored Business decision models can be categorized as o a. decision-making under uncertainty ob.decision-making under risk o c. decision making under certainty od. (a) and (b) only Exhibit 14.2 The following questions are based on the information below. An investor is considering 4 investments, A, B, C and...
14. What is the first step in the ethical decision-making process? a. Consider the alternatives b....
14. What is the first step in the ethical decision-making process? a. Consider the alternatives b. Collect, analyze and interpret the data C. Consider the consequences of the actions d. Make a decision 15. What is the best definition of the ethical principle of non-maleficencer a. Health-care workers avoiding harm to clients b. Telling the truth to clients in all matters c. Being faithful to commitments made to clients d. The rights of self-determination of clients 16. What organization is...
14. What is the first step in the ethical decision-making process? a. Consider the alternatives b....
14. What is the first step in the ethical decision-making process? a. Consider the alternatives b. Collect, analyze and interpret the data c. Consider the consequences of the actions d. Make a decision 15. What is the best definition of the ethical principle of non-maleficence? a. Health-care workers avoiding harm to clients b. Telling the truth to clients in all matters c. Being faithful to commitments made to clients d. The rights of self-determination of clients 16. What organization is...
10. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Obsession with infinitely improbable alternatives C. Manipulation by framing effects D. Becoming a "money pump E. Neglecting base rates 14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns) is characteristic of A. Risk neutrality B. Risk-seeking C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom...
8. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1 (a) and Player 2 (b), respectively) Player 1 CİD Player 2 C| (4,3) | (5-1) What dominant strategies, if any, does Player 1 have? A. C is strongly dominant B. D is strongly dominant C. C and D are both weakly dominant D. Player 1 has no dominant strategies E. Cannot determine without additional information 10. The Axiom of Distribution of Probabilities Across Alternatives...
14. Fill in the blank: A concave utility function (one which exhibits decreasing marginal returns tic of A. Risk neutrality C. Risk aversion D. Irrationality E. The endowment effect 18. The Axiom of Independence prevents what pathology of decision making? A. Inability to make a decision of any kind for some choice sets B. Inability to make choices under risk C. Obession with infinitely improbable alternatives D. Neglecting base rates E. Manipulation by framing effects
18. The Axiom of Closure prevents what pathology of decision making? A. Violation of the "sure thing" principle B. Becoming a "money pump C. Inability to make choices under risk D. Obsession with infinitely improbable alternatives E. Neglecting base rates 19. Consider the following simultaneous game (payoff pairs (a, b) indicate the payoffs to Player 1 (a) and Player 2 (b), respectively) Player 1 R. Player 2 L (2,-2) (0,2) R (2,0) (0,0) What is the best response of Player...
7. The Axiom of Distribution of Probabilities Across Alternatives (aka Frame Invariance) prevents what pathology of decision making? A. Inability to make choices under risk B. Neglecting base rates C. Manipulation by framing effects D. Obsession with infinitely improbable alternatives E. Becoming a "money pump" The following applies to questions 8-9 below. Consider the following sequential game (note Player 1's payoffs are in the upper right cells): 5 3 0 -5 9. What dominant strategies, if any, does Player 2...
14. Which of the following is not part of the definition of a decision situation? A. Beliefs B. Choice Set C. Values D. Heuristics E. States of the World 15. Fill in the blank: The probability of a hypothesis after data is observed is called the probability. A. normative B. prior C. likelihood D. posterior E. independent 16. What heuristic involves considering only options which meet all of a fixed set of criteria? A. Win-Stay, Lose-Shift B. Optimization C. The...
O Identify objectives D Question 7 1 pts Decision making: e Involves analysis and evaluation e Requires making choices among available alternatives ® Relies on information O All of the above DQuestion 8 1 pts
Question 42 In decision-making, luck o a. cannot be quantified o b. can be quantified oc. often plays a role in determining whether good or bad outcomes occur o d. can be ignored Business decision models can be categorized as o a. decision-making under uncertainty ob.decision-making under risk o c. decision making under certainty od. (a) and (b) only Exhibit 14.2 The following questions are based on the information below. An investor is considering 4 investments, A, B, C and...
14. What is the first step in the ethical decision-making process? a. Consider the alternatives b. Collect, analyze and interpret the data C. Consider the consequences of the actions d. Make a decision 15. What is the best definition of the ethical principle of non-maleficencer a. Health-care workers avoiding harm to clients b. Telling the truth to clients in all matters c. Being faithful to commitments made to clients d. The rights of self-determination of clients 16. What organization is...
14. What is the first step in the ethical decision-making process? a. Consider the alternatives b. Collect, analyze and interpret the data c. Consider the consequences of the actions d. Make a decision 15. What is the best definition of the ethical principle of non-maleficence? a. Health-care workers avoiding harm to clients b. Telling the truth to clients in all matters c. Being faithful to commitments made to clients d. The rights of self-determination of clients 16. What organization is...
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