Spea v185 exam 2 - Study guides, Class notes & Summaries

Rational Choice/Public Choice → The application of economic assumptions about rationality and self-interest to the study of political behavior What does it mean to be a rational actor → -based on the expected utility of each option. → -These rank-ordered preferences are stable and transitive → -You analyze all the possible alternatives and know which alternatives will work the best the rational comprehensive model → -Requires them to have complete information and the capaci...

Heuristic - ️️-a rule or method that helps make decisions faster than you could if you considered all the information -he use of heuristics saves a lot of time and energy, but can lead to faulty decisions when applied incorrectly "bounded" or "intended" rationality - ️️-People do not have the capacity to be perfectly rational -Importantly, the ways they fail to be rational are repeatable and predictable rather than random. -Instead of pure rationality, people are rati...

Rational Choice/Public Choice - The application of economic assumptions about rationality and self-interest to the study of political behavior What does it mean to be a rational actor - -based on the expected utility of each option. -These rank-ordered preferences are stable and transitive -You analyze all the possible alternatives and know which alternatives will work the best the rational comprehensive model - -Requires them to have complete information and the capacity to process this i...

SPEA V185 Exam 2 With Complete Solutions.

What is prospect theory and loss aversion? - Models built on assumptions of rational behavior assumes that actors make decisions based on maximizing wealth or utility - In reality, however, people approach outcomes relative to some reference point (or current state) - Most importantly, people respond differently to perceived losses than to perceived gains o Losses are often weighted between 2 and 3 times as heavily as logically equivalent gains o Losing $10 hurts about as much as winning $2...

consequences of groupthink 1. fail to adequately determine objectives and alternatives 2. don't adequately access the risks associated with group decisions 3. fail to cycle through discarded alternatives to reexamine their worth after a majority of the group discarded the alternative 4. select and use only information that supports their position and conclusion 5. don't make contingency plans in case decision and resulting actions fail how our government works - citizens elect rep...

System I Thinking is fast, emotional, and heuristic-based System II thinking is slow, rational, deliberate, and logical Prospect Theory/Loss Aversion avoiding losses is more important than achieving comparable gains, tend to choose the option that help to avoid losses or risks Confirmation Bias A tendency of decision-makers to disproportionately incorporate information based on their initial preferences and predispositions. In other words, they tend to only internalize t...

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