What do experiments like those conducted by Tversky and Kahneman tell us about how people make decisions?

  • Describe the results from your ZAPS table or graph. How do your results compare with the Reference Results included in ZAPS?
  • What do experiments like those conducted by Tversky and Kahneman tell us about how people make decisions?
  • By participating in this week’s lab, what insights have you gained about how logical you are in your decision-making process?
  • Share one occasion in which you exhibited any of the reasoning biases or heuristics covered in this week’s ZAPS lab.

Question“Correct” Response*
(Reference Results)“Incorrect” Response*
(Reference Results)Your Response1. Coin toss: Heads wins $1; Tails wins $2. Would you participate? Yes (98%)No (2%)Yes2. Coin toss: Heads wins $125; Tails loses $100. Would you accept the gamble? Yes (20%)No (80%)No3. Gamble: 10% chance to win $95; 90% chance to lose $5. Would you accept the gamble? Yes (25%)No (75%)No4. Lottery: $5 for ticket; 10% chance to win $100; 90% chance to win nothing. Would you participate? Yes (60%)No (40%)No5. Play: Lost $10 bill. Would you still pay $10 for a ticket? Yes (75%)No (25%)Yes6. Play: Lost first $10 ticket. Would you pay $10 for another ticket? Yes (45%)No (55%)Yes7. Is the tallest redwood more or less than 1,200 feet? Less (90%)More (10%)More8. Is the tallest redwood more or less than 400 feet? Less (40%)More (60%)More9. Is Kristen more likely to be a bank teller, or a bank teller and a liberal Democrat? Bank teller (15%)Teller + Democrat (85%)Teller + Democrat10. Do more words start with K, or have K as the third letter? Third letter is K (10%)Starts with K (90%)Third letter is K

 

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