What Did Nobel Prize Winner Herbert Simon Recognize

question 23

Multiple Choice

What did Nobel Prize winner Herbert Simon recognize?

• A)The usefulness of programmed decision making
• B)The usefulness of non-programmed decision making
• C)The perfectly rational characteristics of Economic Person do not exist in real decision makers
• D)The characteristics of Economic Person
• E)The existence of groupthink

Recognize examples of common biases and errors in judgment and decision-making.

Understand the principles and outcomes of the ultimatum game in behavioral economics.

Explain the concept of asymmetric information and how it leads to problems like moral hazard and adverse selection.

Identify and describe systematic behavioral mistakes such as overconfidence, availability bias, and brand loyalty despite evidence.

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Definitions:

Copy and Paste

A common computer function that allows a user to duplicate data from one location and place it in another.

CTRL+C

A keyboard shortcut commonly used to copy the selected text or item to the clipboard.

CTRL+V

The keyboard shortcut for the "Paste" command in most operating systems and applications, allowing users to insert copied or cut content.

Reset Picture

A feature in graphic editing programs used to revert an image or graphic to its original state.