One of the Criticisms of Common Sense Knowledge Is That

question 44

Multiple Choice

One of the criticisms of common sense knowledge is that:

• A)it is rarely accurate.
• B)it is not based on experience.
• C)it relies too heavily on experience and not on tradition.
• D)it often explains everything, even when those explanations conflict with one another.

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Definitions:

Ultimatum Games

A type of game in experimental economics where two players interact to decide how to divide a sum of money; one proposes the split, and the other accepts or rejects it.

Endowment Effect

A psychological phenomenon in which people assign higher value to things merely because they own them.

Loss Aversion

In prospect theory, the property of most people’s preferences that the pain generated by losses feels substantially more intense than the pleasure generated by gains.