For Many People, a 50-50 Flip of a Coin for $100

question 66

Multiple Choice

For many people, a 50-50 flip of a coin for $100 might not be worth as much as a sure promise of $50, even though the gamble is mathematically worth twice as much as the sure thing. This is an example of ________.

• A) selective perception
• B) self-serving bias
• C) risk aversion
• D) availability bias
• E) confirmation bias

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Definitions:

Bar Codes

A method of representing data in a visual, machine-readable form, consisting of bars and spaces, used to track and identify products.

RFID

Radio-Frequency Identification, a technology using wireless non-contact use of radio waves to transfer data for the purposes of automatically identifying and tracking tags attached to objects.

Two-Dimensional Code

A matrix barcode that stores information both horizontally and vertically, such as a QR code.

Active RFID Codes

Radio-frequency identification tags that have their own power source, allowing them to transmit data over longer distances than passive RFID tags.