Mar 3503 Lecture Notes - Lecture 14: Satisficing, Sunk Costs, Nordstrom
4 Dec 2018
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Mar 3053 week 14 and final lecture! Rational decision theory missed small details, but basically min cost and max benefit. Imagine being a manager of an airline pilot. Decide whether you would rather give customers a discount or avoid to charge other consumers a #30 surcharge. A company has invested in ,000 in a project and despite the results not being very encouraging, they keep going. Iv: 6 or 24 jams at a tasting booth. Dv1: how many people stopped by for the jams. Larger amount of choices may cause regret with the person. They will wonder about other jams and make them unsatisfied. Even for big decision botti, orfali, and iyengar (2009). People don"t like to have or make a choice when it is unpleasant or painful (emotionally). And relatives of patience on life support prefer docs to make the choice of keeping life support or not.
