Two Players (Jane and Aaron)are Playing an Ultimatum Game Where

question 45

Essay

Two players (Jane and Aaron)are playing an ultimatum game where Aaron is given $7,000 and asked to propose a way of splitting it with Jane.When Jane learns Aaron's proposal,Jane chooses whether to accept or reject the split.If Jane accepts the split,both players receive the money according to Aaron's split proposal.If Jane rejects the split,both players receive nothing.This game will be played only once,so Aaron does not have to worry about reciprocity when making his choice.
Aaron is deciding whether to offer a fair or an unfair proposal.The fair proposal is a 50/50 split of the $7,000,and an unfair split is a split such that Aaron receives $6,999 and Jane receives $1.Draw the decision tree for this game.Make sure to label the decision node correctly.

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Definitions:

Old Memories

Refers to recollections from the distant past, often held for many years, and can include both personal experiences and learned information.

Korsakoff's Syndrome

A chronic memory disorder caused by severe deficiency of thiamine, often associated with alcoholism.

Amnesia

A loss of memory due to brain injury, disease, or psychological trauma, affecting one's ability to recall past experiences.

Prefrontal Cortex

A part of the brain located in the frontal lobe, associated with decision making, social behavior, personality, and cognitive planning.