Explain the difference between risk and ambiguity. How might decision making differ for a risky versus an ambiguous situation?
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Explain the difference between risk and ambiguity.
How might decision making differ for a risky versus an
ambiguous situation?
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- Describe the DECISION MAKING UNDER RISK?You often hear about the trade-off between risk and reward. Is this trade-off part of decision making under uncertainty when the decision maker uses theEMV criterion? For example, how does this work in investment decisions?Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 1. What is the best of the best payoff value? 2. Which decision alternative has the best of the worst payoff value? 3. Which decision alternative has the minimum payoff value of the maximum regret? 4. Which realism approach decision alternative has the maximum payoff? 5. What is the best equally likely decision to take?
- Discuss the differences between decision making under certainty, under risk, and under uncertainty.Imagine that you have the following pair of concurrent decisions. First examine both decisions, then indicate the options you prefer. Decision 1: Choose betweenA a sure loss of 1500B a 75% to lose £2000 and 25% chance to lose nothing Decision 2: Choose betweenC a sure gain of £480D a 25% chance to gain £2000 and 75% chance to gain nothing How do you think respondents in a laboratory experiment would decide in Decision 1 and Decision 2? most participants will choose 1B and 2C most participants will choose 1A most participants will choose 1B and 2D most participants will choose 1A and 2D 2) Which of the following can explain the behavior in the lab for decision 1? preference for certainty underestimation of large probabilities individuals are risk loving in the loss domain overweighting of small probabilities concavity of the value function in the gain domain 2. individuals are risk loving in the loss domainExplain the steps of decision-making process using an example. What is the difference between rational decision making, bounded rationality and intuitive decision making?