1. Discuss your most recent decision to purchase a major item (entertainment center, automobile, home, etc.). In what way did the acquisition utility or the transactional utility come into play for you 2. Describe the concepts of joint and separate preference reversals. Also, discuss the similarities and differences that exist between the two. 3. Explain the concept of the expected-value decision rule. In your discussion, review how the expected- value decision rule played a part in a recent decision you made. 4. Discuss framing and how it affects the decision-making process.
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