Explain the concept of the expected-value decision rule.

Decision-making process.

4 essay questions

1.Explain the concept of the expected-value decision rule. In your discussion, review how the expected-value decision rule played a part in a recent decision you made.

Your response should consist of no less than 200 words.

2.Discuss framing and how it affects the decision-making process.

Your response should consist of no less than 200 words.

3.Discuss your attitude about certainty, uncertainty, and risk when making decisions. How has your attitude helped or hindered your ability to make rational decisions?

Your response should consist of no less than 200 words.

4.Discuss your most recent decision to purchase a major item (entertainment center, automobile, home, etc.). In what way did the acquisition utility or the transactional utility come into play for you?

Your response should consist of no less than 200 words.

Chapter 4: Framing and the Reversal of Preferences

Bazerman, M. H., & Moore, D. A. (2009). Judgment in managerial decision making (7th ed.). Hoboken, NJ: Wiley.

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