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Economics
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2 Feb 2018

Consider the last decision that you have made (purchase of an automobile, purchase of a home, seeking a new job, etc). Then, discuss that decision in terms of th e rational decision making model. How could you have improved your decision?

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Sixta Kovacek
Sixta KovacekLv2
4 Feb 2018
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Related questions

Non-rational decisions are generally the result of either Satisficing or Intuition. Think about a time when you made a non-profit rational decision on the job or in your personal life. Was it the result of Satisficing or inttion? How would your decision have been different using the four steps for raional decision making? How would the steps have helped you to make a better or more sould, decision?

Scenario: Consider your last big purchase such as a car, appliances, home improvement, home purchase, computer equipment, college tuition, or another "big-ticket" item, which are often purchased using loans/financing (by borrowing money). Also consider your decision-making process that led you to choose a particular make, model, or brand of the product (or service) you purchased and whether it was the right time to make the purchase given economic conditions at the time of your purchase. While analyzing your decision, keep in mind everything from interest rates to the prices of complementary and substitute goods are driven by human economic behavior.

Develop a minimum 1,050-word analysis of your decision-making process in which you include the following:

Retrieve from https://fred.stlouisfed.org and insert into your paper charts showing: Real Gross Domestic Product (Google FRED GDP) Real GDP per Capita (Google FRED GDP per Capita) Real Personal Consumption Expenditures (etc) Median Housing Prices and discuss the trend relationship between these variables since 2005.

Retrieve from https://fred.stlouisfed.org and insert into your paper charts showing: Bank Prime Loan Rate Consumer Price Index Unemployment Rate and discuss the trend relationship between these variables since 2005.

Describe your last big purchase and discuss the influence of the economic varibles charted. Also discuss any government programs, such as tax credits or tax deductions for energy-saving/efficiency purchases, on your decision to make your last big purchase. If government incentives did not factor into your decision, explain why not.

Cite a minimum of three credible sources. Note: The Federal Reserve Bank of St. Louis, the Bureau of Economic Analysis, and the Bureau of Labor Statistics are credible reference sources.

This question pertains to the rational decision-making model. In answering the questions below use examples to highlight your arguments. Make sure that your external research is properly cited (APA)

Analyze the rational actor paradigm model and the influence of human behavior on rational decision making (bounded rationality, the role of incentives).

What analytical methodology (or methodologies) is recommended for selecting amongst alternative decisions choices so that a decision be made based on a rational foundation.

How does the recommended methodology eliminate the impact of the sunk cost fallacy?

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