These mini experiments consisted of ten questions that dealt with classical research on decision making. Most of the questions that were being asked described a hypothetical scenario and asked what you would do. Meanwhile, the other questions asked you to make a judgement or estimate a value. Although these questions were not graded, they had bar graphs showing the most populated answers. Throughout this trial I learned that the principle of framing is when people tend to answer the same question contrarily just because its worded in a different way. I was actually surprised when I read this because I was not one of the persons that answered differently. Instead, I answered both questions the same which I found odd. Also, I learned that the expected utility theory is the dominant theory of decision making. That means that people value the possible choices for any decisions they need to make and choose the option that maximizes the desired outcome. Throughout this experiment I was pretty amazed of how these theories actually work. What I learned about myself through this zaps activity is that I am most likely to play the lottery than to gamble something because I rather have the opportunity to win money than to possibly lose
These mini experiments consisted of ten questions that dealt with classical research on decision making. Most of the questions that were being asked described a hypothetical scenario and asked what you would do. Meanwhile, the other questions asked you to make a judgement or estimate a value. Although these questions were not graded, they had bar graphs showing the most populated answers. Throughout this trial I learned that the principle of framing is when people tend to answer the same question contrarily just because its worded in a different way. I was actually surprised when I read this because I was not one of the persons that answered differently. Instead, I answered both questions the same which I found odd. Also, I learned that the expected utility theory is the dominant theory of decision making. That means that people value the possible choices for any decisions they need to make and choose the option that maximizes the desired outcome. Throughout this experiment I was pretty amazed of how these theories actually work. What I learned about myself through this zaps activity is that I am most likely to play the lottery than to gamble something because I rather have the opportunity to win money than to possibly lose