Please answer these questions to the best of your ability using the information
ID: 3471855 • Letter: P
Question
Please answer these questions to the best of your ability using the information that you gathered from reading the chapter, along with information from your own work experience. Please do not copy and paste. https://www.youtube.com/watch?v=9X68dm92HVI&feature=youtu.be
1. Please watch the TED Talk video entitled “Dan Ariely asks, Are we in control of our decisions?” Reflect a little upon the video. Do you agree with the basic premise that Dr. Ariely talks about? Please explain.
2. How does Dr. Ariely’s talk relate to Herbert Simon’s research on Bounded Rationality and Satisficing as talked about in the text? Please be specific.
3. Think of an important decision that you have made in the course of your life (deciding where to go to school, deciding what to major in, etc.). Was that decision a result of rational decision-making, bounded rationality, satisficing, or intuition? Please explain.
Explanation / Answer
1) Dan Ariely has discussed about visual and cognitive illusions encountered by people in today's world while encountering business transactions in life. There is an illusion in analyzing the real price of economic articles and the price of only the web versions of economics journals without printing prices. This causes an illusion as one understands that there is a nominal fees for both printing and for making the journal version online. The other illusions include the statistical data illusions where the number of people with organ transplantation are less in United Kingdom and Germany as compared to Sweden and France. This is an illusion as the number of people vounteering for organ donation survey are less in United Kingdom and germany as compared to Sweden and France. It includes the N factor of the number of people volunteering for organ donation.
2)Dr.Ariely report on satisficing and bounded rationality merges with the views of Herbert Simon views as he explains the computer simulation dynamics of facial expressions of people. The computer simulations and modeling helps in the study of thinking and cognitive psychology of people in work profile. He explains two types of rationality as bounded rationality and procedural rationality in people in everyday life. Bounded rationality includes the lack of omniscience present in a person to rationalize and justify the working profile problem with their own intentions of solving their personal problems. Procedural rationality includes working according to the rules and regulations with proper behavior, Bounded rationality has only a small critical function for the individual only. He discusses the shape of a horizontal and a vertica table which is an optical illusion although the dynamic measurement parameters in three -dimentional space is same for both the tables which is not true for vision. It can be studied by computer simulations.
3)The example of rational decision making includes the study of subjects option like mathematics and engineering principles with applications in everyday life. It includes the behavior of a person in an environment of computer simulations and dynamics with analysis of psychology of a person. Intuition refers to the inner self consciousness in a person to attain importance and learning in life explained under procedural rationality. Bounded rationality includes the lack of self motivation with failure in life to excel in exams like the management exam or engineering exam in life of a student.