How do humans make decisions under classical economics Ethically, fairly and empathetically Using system one Using heuristics (rules of thumb) Like a computer 2 The course includes a term project component, which analyzes an important decision, which the student selects this course does not have a term project requirement analyzes a management decision in a complete Harvard Business School case study requires the completion of an online management simulation created by MIT 3 From the list below, which is the best way to reduce the effects of scarcity Rely more on system 1 thinking Tunnel on money Increase the pain of paying Build in slack in planning 4 Which is not one step in using the Ben Franklin method to make a decision Cross out pros that are equally important as certain cons Create a list of pros and cons Consider the interests of stakeholders Estimate the probability of outcomes 5 Match the decision type with the correct decision tool Answer A few alternatives, a rough idea of how well each meet my goals Several choices, under uncertainty, over many periods A few choices, uncertainty and path dependency over a few periods A few to many choices, no uncertainty, good information on how well each choice meets various goals Mathematical equation describes my decision and its outcome, which is to be maximized or minimized Compare investments by converting future cash flows to present day dollars A Net Present Value, B Monte Carlo , C Pro Con List , D Decision Tree, E Optimization , F Decision Matrix 6 Congratulations you've won the lottery Choose your preferred prize, assuming a 5 interest rate Cannot be determined without knowing the IRR $1,000,000 in one year $1,000,000 in two years $950,000 today

The Answer is in the image, click to view ...

Question: How do humans make decisions under classical economics Ethically, fairly and empathetically Using system one Using heuristics (rules of thumb) Like a computer 2: The

2: The course includes a term project component, which...

...analyzes an important decision, which the student selects.
...this course does not have a term project requirement
...analyzes a management decision in a complete Harvard Business School case study.
...requires the completion of an online management simulation created by MIT.

3: From the list below, which is the best way to reduce the effects of scarcity?

4: Which is not one step in using the Ben Franklin method to make a decision?

5: Match the decision type with the correct decision tool.

	Answer
A few alternatives, a rough idea of how well each meet my goals
Several choices, under uncertainty, over many periods
A few choices, uncertainty and path-dependency over a few periods
A few to many choices, no uncertainty, good information on how well each choice meets various goals
Mathematical equation describes my decision and its outcome, which is to be maximized or minimized.
Compare investments by converting future cash flows to present-day dollars

A. Net Present Value, B. Monte Carlo , C. Pro/Con List , D. Decision Tree, E. Optimization , F. Decision Matrix

6: Congratulations: you've won the lottery! Choose your preferred prize, assuming a 5% interest rate.

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock