Three Decision Makers Have Assessed Utilities for the Problem Whose

question 48

Essay

Three decision makers have assessed utilities for the problem whose payoff table appears below. $$\begin{array} { c | c c c } & &{ \text { State of Nature } } \\\text { Decision } & s _ { 1 } & s _ { 2 } & s _ { 3 } \\\hline d _ { 1 } & 500 & 100 & - 400 \\d _ { 2 } & 200 & 150 & 100 \\d _ { 3 } & - 100 & 200 & 300 \\\hline \text { Probability } & .2 & .6 & .2\end{array}$$ $$\begin{array}{l}\begin{array} { r c c c } &&&&\underline{\text { Indifference Probability for Person }}\\\text { Payoff } &&& \text { A } & \text { B } & \text { C } \\\hline 300 &&& .95 & .68 & .45 \\200 &&& .94 & .64 & .32 \\150 &&& .91 & .62 & .28 \\100 &&& .89 & .60 & .22 \\- 100 &&& .75 & .45 & .10\end{array}\end{array}$$
a.Plot the utility function for each decision maker.
b.Characterize each decision maker's attitude toward risk.
c.Which decision will each person prefer?

Understand the concepts of locus of control and its implications on personal attitude towards life events.

Recognize the importance of self-esteem and its impact on problem-solving and personal perception.

Identify the role of self-concept in shaping individual's personality and self-esteem.

Describe the process and importance of developing self-awareness.

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Definitions:

DRL Schedule

A type of reinforcement schedule where a response is only reinforced if it occurs after a specified amount of time has passed since the last reinforced response.

Reinforcement

In behaviorism, a stimulus or event that follows a behavior and increases the likelihood of that behavior's recurrence.

Variable-ratio

A schedule of reinforcement where a response is reinforced after an unpredictable number of responses, making it highly resistant to extinction.

Reinforcement

An operational technique used in behavior analysis to increase the frequency of a desired behavior by introducing a motivating item after the behavior is exhibited.