decision making

Describe the results from your ZAPS table or graph. How do your results compare with the Reference Results included in ZAPS?
What do experiments like those conducted by Tversky and Kahneman tell us about how people make decisions?
By participating in this week’s lab, what insights have you gained about how logical you are in your decision-making process?
Share one occasion in which you exhibited any of the reasoning biases or heuristics covered in this week’s ZAPS lab.

Question“Correct” Response*
(Reference Results)“Incorrect” Response*
(Reference Results)Your Response1. Coin toss: Heads wins $1; Tails wins $2. Would you participate? Yes (98%)No (2%)Yes2. Coin toss: Heads wins $125; Tails loses $100. Would you accept the gamble? Yes (20%)No (80%)No3. Gamble: 10% chance to win $95; 90% chance to lose $5. Would you accept the gamble? Yes (25%)No (75%)No4. Lottery: $5 for ticket; 10% chance to win $100; 90% chance to win nothing. Would you participate? Yes (60%)No (40%)No5. Play: Lost $10 bill. Would you still pay $10 for a ticket? Yes (75%)No (25%)Yes6. Play: Lost first $10 ticket. Would you pay $10 for another ticket? Yes (45%)No (55%)Yes7. Is the tallest redwood more or less than 1,200 feet? Less (90%)More (10%)More8. Is the tallest redwood more or less than 400 feet? Less (40%)More (60%)More9. Is Kristen more likely to be a bank teller, or a bank teller and a liberal Democrat? Bank teller (15%)Teller + Democrat (85%)Teller + Democrat10. Do more words start with K, or have K as the third letter? Third letter is K (10%)Starts with K (90%)Third letter is K

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