WDW101Y1 Study Guide - Midterm Guide: Consumerism, Social Relation, Human Behavior

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Midterm study notes: rational model consisted of utility maximization, opportunity cost, and cost benefit analysis. Utility max- means always trying to maximize your benefits. Opportunity cost- considering our next alternative options. Cost benefits analysis- is when we compare/weigh the costs and benefits and then make decision based on our findings. It also suggests a good example of a rational decision will be one that benefits us most and cost us least: cost benefit also includes the equation v= 0*r-c-s. The more risk the less likely we are to do something. Also the higher the switching cost the less like we are to do something. The quasi-rational model is one in which decisions are influenced by with the 7 key concepts: over confidence- when we success persists our confidence goes up. We attribute our success to our selves, and not the preparation we did. We then seek less info on future decisions and we persist and this leads to failure.

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