Demonstrate a Time That You Fell Victim to at Least

question 66

Essay

Demonstrate a time that you fell victim to at least one of the following logical fallacies (bandwagon fallacy, emotional reasoning fallacy, appeal to authority fallacy, or not me fallacy)and how it negatively affected the quality of your decision on that occasion.

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Definitions:

Pricing High

Setting the price of a product or service significantly above the cost of production or acquisition to achieve higher margins.

Best Response

In game theory, it is the strategy that will give a player the highest payoff, given the strategies chosen by other players in the game.

Simultaneous Game

A type of game in game theory where participants make decisions or select strategies at the same time without knowledge of the others’ choices, exemplified by the Prisoner’s Dilemma.

Shoplifter

An individual who steals merchandise from a retail store.