Due tomorrow 12/27/15 by 5 pm no excuses or exceptions!!
Application: Expected Utility Theory and Prospect Theory
Many people enjoy watching game shows. The premise of such shows is that for very little effort you might receive a huge pay-off. One of the most popular game shows in recent years is a show titled Deal or No Deal.
The game relies on players’ decisions to take risks with the amount of money they may lose or gain. Two closely related theories help to explain taking risks in this game and in real-life situations; Expected Utility Theory and Prospect Theory. Your course text explores these theories in more detail.
To prepare for this assignment:
What I Was Thinking
The assignment (2-3 pages):
Support your Application Assignment with specific references to all resources used in its preparation. You are asked to provide a reference list for all resources. Some References below..
Deal or No Deal. (n.d.). MoFunZone. Retrieved September 15, 2010 from
Hastie, R. & Dawes, R. (2010). Rational choice in an uncertain world: The psychology of judgment and decision making. Sage.
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