Review the lecture videos and read the textbook to complete this assignment. Do not copy-paste anything from the textbook or my PPT slides. Plagiarism will lead to 0% for the assignment, or in the worst-case scenario, “F” for the entire course. The best practice is paraphrasing. 1. Define following pitfalls and pratfalls of decision making in your words, and write one clear, relatable example for each concept.
a. Making sound Decision
b. Good decision and subjective utility
c. Descriptive and prescriptive processes
d. Three types of heuristics (available, recognition, representative)
e. Failure to seek disconfirming evidence
f. Overconfidence
g. Wishful thinking
h. Reactance
i. Entrapment
j. Reciprocity
k. Liking
l. Exposure effect
m. Emotional states
n. Mindlessness
o. Unconscious and emotional influences
p. Cognitive dissonance 2. Choose ONE BIG problem of your life that you have been struggling to make the right decision. For examples, big problem would be:
a. choosing a graduate program, b. finding a correct partner, c. choosing a lifelong career, d. buying a house e. moving out from parents’ house f. planning to have a child g. getting married etc. 3. Make a list of alternatives (options, at least 5) to your original problem. 4. Make a list of all possible considerations (at least 5) pertaining to the problem. 5. Use the Table 01 (in next page) to assess your alternatives. Make sure to consider every alternative in every consideration. Complete the calculation for each option.
6. Based on the decision-making Table 01, briefly describe three strategies for calculating your decision. a. Overall assessment b. Dimensional comparison c. 2/3 ideal rule
