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• framing effects, • mental accounting, • the focusing illusion,
• impact bias, • durability bias, • immune neglect, • evaluability & joint versus separate evaluation
Give an example from real life where one of these factors has influenced an important decision. The example can be chosen from current national political events, e.g., whether to bailout the auto industry, from your personal life, e.g., whether to go to a party when you have to study for an exam, or from situations that people often have to face, even if it is not your personal situation, e.g., a medical choice. Your answer should explain the following:
• What is the objective decision that the decision maker must make?
• Which of the factors mentioned above affects the decision in question? For example, if
you are describing an example of immune neglect, you should simply say that you think
that immune neglect influences the decision in question.
• How does the factor that you have chosen affect the decision in question? What makes
you think that your interpretation of the situation is correct? How do you know that what is actually affecting the decision in question is not some other factor that is different from the one you are focusing on?
• Although your answer may discuss examples that were presented in lecture or the Hastie and Dawes textbook, you should focus on an example from real life that is different from any of the examples that were presented in lecture or the textbook. i.e., you cannot just discuss one of the lecture or textbook example
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