Bounded rational - Samenvattingen, Aantekeningen en Examens

What motivation theory focuses around comparing the ratio of your inputs and outputs to that of another person? correct answers Equity Theory In Herzberg's Two-factor theory, what are the names of the two factors? correct answers Hygiene and Motivation Factors What are the three elements of motivations? correct answers Intensity, direction, and persistence. What are the three needs in McClelland's theory of needs? correct answers Need for affiliation, Need for power, and Need for achi...

SRA 231 Comprehensive Exam Questions & Answers 2024/2025 false - ANSWERS(true/false) decision theory is multidisciplinary across one academic field true - ANSWERS(true/false) there is no single unifying decision theory and it is difficult to discern between the various forms true - ANSWERS(true/false) rational = normative normative theory - ANSWERSassumes individuals act RATIONALLY in trying to find the best solution to optimize outcome i.e. what we SHOULD do utility - ANSWERSov...

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 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 ...

What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - correct answer Assumption that rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. However this is challenged by the consumer's "bounded rationality" - rational consumer is only functional up to a certain point because choices are ...

CEBS GBA Exam 2 Questions & Answers 2023/2024 What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - ANSWER-Assumption that rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. However this is challenged by the consumer's "bounded rationality" - rational consumer is only functional u...

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...

What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - correct answer Rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. What are economic benefits of a free market? (Mod 1.1) - correct answer If an individual does not like their provider or health plan, the should be able to "vote...

Ultimate List CMY3701 Marking Scheme 100% Correct AGGRAVATING CIRCUMSTANCES - Answer- are those circumstances that cause the offender to be punished more severely than they would normally be for a specific crime. For example, conviction for the rape of a child would warrant a more serious punishment than rape of an adult, because society views a child as more vulnerable and helpless (Hunter & Dantzker, 2002:3±32). CLASSICAL CRIMINOLOGY - Answer- as an approach to studying crime emphasise...

What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - Answer- Assumption that rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. However this is challenged by the consumer's "bounded rationality" - rational consumer is only functional up to a certain point because choices are constrain...

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 p...