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When Past Experience Is Insufficient, the Risk of Making a Wrong

question 32

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When past experience is insufficient, the risk of making a wrong decision is high, and the cost of gathering information is low, a consumer is more likely to use an __________ for information.


Definitions:

Propositional Reasoning

Involves making inferences and deducing facts from propositions, or statements that declare something to be true or false.

Calibration Curve

A plot of accuracy against confidence judgments. The more the curve approaches a 45-degree line, the better the “calibration” or “fit” between accuracy and confidence.

Participants' Confidence

The level of belief individuals participating in an experiment or study have in their responses or judgments.

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