A Benefit of Tradition Is Not Having to ______

question 19

Multiple Choice

A benefit of tradition is not having to ______.

• A) reinvent the wheel
• B) think independently
• C) consider alternatives
• D) be mindful of updated research

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Definitions:

Anchoring

The tendency people have to unconsciously base, or “anchor,” the valuation of an item they are currently thinking about on recently considered but logically irrelevant information.

Decision Making

The process of selecting the best course of action from several alternatives to achieve a desired goal.

Irrelevant Information

Data or facts that do not influence decision-making processes in a given context, lacking value for the question or decision at hand.

Prospect Theory

A psychological theory that describes how people choose between probabilistic alternatives that involve risk.