Optimization Theory: Marginal Utility

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Questions and Answers

What is the total utility gained from watching 10 dramas?

25 units

What is the maximum total utility that can be achieved from a package of movies?

30.25 units

What is the utility gained from watching the first comedy?

3 units

What do researchers find that animals and humans tend to approach in their choices?

Optimality Signup and view all the answers

What is studied in choice behavior with animals, instead of movie rentals?

Mating and food Signup and view all the answers

What is an example of optimization in animal behavior, mentioned in the text?

The waiting time of male dung flies at cow patties Signup and view all the answers

When making decisions, what is the main difference between Satisficers and Maximizers?

Satisficers settle for 'good enough', while Maximizers strive for the best option. Signup and view all the answers

What is a key characteristic of Prospect Theory?

It replaces the notion of utility with value based on gains and losses. Signup and view all the answers

According to Prospect Theory, how do people tend to weigh gains and losses?

People tend to feel losses more heavily than gains. Signup and view all the answers

What is the main advantage of Satisficing, according to the text?

It is more efficient. Signup and view all the answers

What is the key insight from the study of experienced firefighters (Klein, 1998)?

Take the first reasonable plan that comes to mind and test it for problems. Signup and view all the answers

What is the main difference between the value function for gains and the value function for losses?

The value function for gains is somewhat shallow, while the value function for losses is relatively steep. Signup and view all the answers

What is the primary goal of the game in Experiment 2?

To make as many points as possible Signup and view all the answers

Why do we rely on intuition in decision-making despite its potential failures?

Because we need to make thousands of decisions daily and do not have time for logical thinking Signup and view all the answers

According to Baumeister, what happens to willpower when it is used a lot lately?

It gets fatigued Signup and view all the answers

What is a characteristic of willpower, according to Baumeister?

It is like a muscle Signup and view all the answers

What is a characteristic of an expert in English grammar?

They usually know the right answer but cannot verbalize why Signup and view all the answers

What is an algorithm in decision-making?

A methodical rule that guarantees a problem will be solved Signup and view all the answers

What is the definition of willpower, according to the text?

The ability to resist impulses Signup and view all the answers

What is a factor that affects self-regulation, according to the text?

Low blood glucose Signup and view all the answers

What is the main difference between an expert and a novice in English grammar?

Experts make decisions based on intuition, while novices rely on rules Signup and view all the answers

What is the name of the group that watched the Skittles video with a lesson about probability embedded?

Demonstration + lesson group Signup and view all the answers

Why do we experience stunning failures in thinking when relying on intuition?

Because our intuitions often lead to misjudgments Signup and view all the answers

What is the purpose of using algorithms in decision-making?

To guarantee a solution to a problem Signup and view all the answers

What is the primary strategy that animals use in times of environmental stability?

Optimization Signup and view all the answers

What is the main advantage of human language?

Levels of social-cooperation not possible in other species Signup and view all the answers

What does Life History Theory (LHT) focus on?

The diversity of life history strategies used by different organisms Signup and view all the answers

What aspect of an organism's life cycle does Life History Theory consider?

Their reproductive development, post-reproductive behaviors, and lifespan Signup and view all the answers

What determines the best strategy for animals in different environments?

Environmental stability Signup and view all the answers

How can you make the right choice easy in decision-making?

By increasing the value of self-controlled choice Signup and view all the answers

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