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 JUD 100 JUDGMENT 2024-2025

Jud 100 Fillable 2024-2025 Form

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welcome back to judgment decision making i'm dr padilla now we're going to talk about the four-fold pattern that will help us understand some of the specifics of prospect theory now to begin we need to understand that we assign weights to specific characteristics meaning that when there's many factors that go into our decisions some we weigh more highly in our decisions if you're going to buy a car for example you might weight the gas economy the comfort or the appearance of the car over other things such as the safety so that's to say that the things that we include in our decisions have weightings based on how we value the individual components now this has to do with the expectation principle which is a little bit in violation of what we just talked about the x the expected value of a gamble is the average of its outcome each weighted by its probability so if we do not apply any emotional information to how we evaluate gambles the way we would

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