Question: question: Explain how a person's performance on the Balloon Analogue Risk Task can be measured in terms of both process coherence and outcome correspondence .
question: Explain how a person's performance on the Balloon Analogue Risk Task can be measured in terms of both process coherence and outcome correspondence. Which measure do you think best assesses how good their decision-making is? Give a brief explanation for your choice of which is the better measure.
source: In this experiment, you will try to maximize the amount of money you accumulate by inflating 20 balloons
At each point in time, you have a choice of
- inflating a balloon further by pumping air to in it, which increases its
value
- banking the current value of the balloon and moving to the next one
If you pump a balloon, there is a danger that it will be burst
- a burst balloon has no value, and you must then move to the next
balloon having banked no money
- every balloon has a 20% probability of bursting any time it is pumped
Your goal is to maximize to total amount of money you bank over the 20 balloons.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
