Compare and contrast the 2 major paradigms we’ve used to look at decision making & judgment so far: rational theories (e.g., expected value/utility) and more descriptive theories (prospect theory and others). Discuss the tenets and the major implications of the theories. What are their major advantages and limitations’ Which is the most influential’ Why’ Can they be reconciled’
Which heuristic or bias do you feel has the biggest impact on practical decision making’ Why’ Why does the heuristic or bias you’ve chosen occur’ Compare it to some of the other well-known heuristics and biases. Discuss the implications of your choice for at least 2 different types of decision making such as personal, group, managerial, political, parental, consumer, etc. Continue reading
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