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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.
Discuss social influences on judgment & decision making. What are the issues involved when looking at the effects of social contexts on decision making and decision making in groups’ What are the implications for research and for practice’ Do social factors, including being a member of a group, enhance or impede decision making’ Support your case with research findings and examples.
A lot of the research on judgment and decision making seems to treat humans as inconsistent, easily manipulated people who don’t really hold any true opinions or attitudes, and can be swayed into making almost any decision. Make a case for or against this statement. However, be sure to represent both sides of the issue, compare and contrast both sides of the argument, and use the research we’ve looked at this semester to support your arguments. Also, feel free to draw in any other relevant psychological constructs that can bolster your case.
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