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SPEA-V 185 Exam 2 Questions and Answers 2024/2025

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rational decision making → Traditional economic theory that people are rational actors rational choice/public choice → people act based on their self interest what does it mean to be a rational actor? → You are able to rank, order your preferences based on the expected utility of each ...

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SPEA-V 185 Exam 2 Questions and
Answers 2024/2025
rational decision making

→ Traditional economic theory that people are rational actors


rational choice/public choice

→ people act based on their self interest


what does it mean to be a rational actor?

→ You are able to rank, order your preferences based on the expected utility of each
option.
→ These rank ordered preferences are stable and transitive.
→ Having perfect information about all alternative possibilities.
→ Maximize your utility


pure rationality

→ requires person to have complete information and to process this information in a
timely manner.


Bounded rationality

→ people do not have the capacity to be perfectly rational


what are the two modes of thinking


→ system 1 and system 2


System 1



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,2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!

→ the intuitive and emotionally based way that people react automatically. (thinking fast)
(more common) (used the most)


system 2

→ the deliberate, controlled, conscious, and slower way of thinking


prospect theory

→ people approach outcomes by assessing risk of the loss rather than possibility of the
gain


Satisfising


→ rather than trying to make the best decision possible, people try and make a decision
that is good enough.


Decoy effects

→ refer to situation where the selection can be influenced by including a clearly inferior
version of one of the choices


choice blindness

→ people will come up with reasons after the fact to make it seem like their decision was
based on some logical reason.
→ People defending a choice even though it was not the choice they made.


confirmation bias

→ people not only seek out information that supports their existing opinion, but they also
tend to ignore or discount information that challenges their belief.


Incrementalism




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→ Policymaking characterize by a series of decisions each instituting modest change


parallel processing


→ Dealing with several decisions simultaneously


Serial processing

→ Dealing with 1 problem at a time
→ (Humans can only engage in serial processing despite continued efforts to multitask)


Aspects of incrementalism

→ - Less work in looking at other kinds of decisions
→ - Less risk
→ - Consistent with principles of bounded rationality
→ - Politically expedient
→ -not expedient in situations where change is needed quickly
→ -does not answer the call to mass movements effectively


Punctuated equilibrium

→ Happens when attention of key decision makers becomes focused on a single issue or
problem
→ Generally happens when an issue hits a breaking point and attention shifts and
becomes proportionately focused
→ Some issues can't be solved incrementally


ONe important insight into group dynamics of decision-making

→ Inherent need for humans to be liked and positively viewed by peers.
→ Can be destructive in situations like peer pressure.


Ashe Confirmatory Experiment

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