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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 disjunctive rule D. Lexicographic search E. The conjunctive rule 17. Fill in the blank: A potential mechanism for precommitment in prospect theory is A. Setting a high coefficient of risk aversion B. Setting the reference frame to the committed state C. Limiting the choice set D. Censoring the probability of failed commitment E. Invoking the transitivity axiom 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

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14)e)states of the world is not a part of decision situation as all the other options are integral part of decision situation

15)d)Posterior probability .It is the probability of hypothesis after the data is observed.

16)b)optimisation. Heuristic optimisation involves considering only option which meet all of a fixed criteria

17)b)setting the reference frame to the commited state

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