A Classical Decision Model Differs from a Behaviour Decision Model

question 98

Multiple Choice

A classical decision model differs from a behaviour decision model as the classical model:

• A)assumes that people act with only partial knowledge about the available action alternatives and their consequences.
• B)describes decision making with limited information and alternatives.
• C)recognizes cognitive limitations to our human information-processing capabilities.
• D)describes how many decisions get made in the ambiguous and fast-paced problem situations.
• E)assumes that the choice of preferred course of action is made by a decision maker who is fully informed about all possible alternatives.

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Definitions:

Quasi-Contract

An obligation imposed by law to prevent unjust enrichment, even in the absence of a formal contract.

Mutual Obligations

Requirements or duties that are shared and are expected to be fulfilled by all parties involved in an agreement or relationship.

Oral Discussion

A verbal exchange of ideas or information between two or more people.

Bilateral Contract

A type of contract involving two parties where each party makes a promise to the other, thus forming mutual obligations.