Question: Question 3 You are required to discuss the fallacy that is most appropriate to describe the following survey result. Linda is 31 years old, single,

Question 3 You are required to discuss the fallacy that is most appropriate to describe the following survey result. "Linda is 31 years old, single, outspoken, and very bright. She majored in philosophy. As a student, she was deeply concemed with issues of discrimination and social justice, and also participated in anti-nuclear demonstrations. About 90% of survey respondents choose Linda as bank teller and active in the feminist movement". (7 marks) Discuss framing in the prospect theory by using two (2) scenarios of an avoidable loss of life in Kahneman and Tversky's study. (18 marks) (b) Discuss endowment effect stated by Daniel Kahneman, Jack L. Knetsch, & Richard H. Thaler. (1990). "Experimental Tests of the Endowment Effect and the Coase Theorem. Journal of Political Economy 98(6), 1325-1348. (10 marks) (Total: 35 marks) Question 3 You are required to discuss the fallacy that is most appropriate to describe the following survey result. "Linda is 31 years old, single, outspoken, and very bright. She majored in philosophy. As a student, she was deeply concemed with issues of discrimination and social justice, and also participated in anti-nuclear demonstrations. About 90% of survey respondents choose Linda as bank teller and active in the feminist movement". (7 marks) Discuss framing in the prospect theory by using two (2) scenarios of an avoidable loss of life in Kahneman and Tversky's study. (18 marks) (b) Discuss endowment effect stated by Daniel Kahneman, Jack L. Knetsch, & Richard H. Thaler. (1990). "Experimental Tests of the Endowment Effect and the Coase Theorem. Journal of Political Economy 98(6), 1325-1348. (10 marks) (Total: 35 marks)

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