Expected Utility Theory and Prospect Theory
Due tomorrow 12/27/15 by 5 pm no excuses or exceptions!!
Application: Expected Utility Theory and Prospect Theory
Many people enjoy watching game shows. The premise of such shows is that for very little effort you might receive a huge pay-off. One of the most popular game shows in recent years is a show titled Deal or No Deal.
The game relies on players’ decisions to take risks with the amount of money they may lose or gain. Two closely related theories help to explain taking risks in this game and in real-life situations; Expected Utility Theory and Prospect Theory. Your course text explores these theories in more detail.
To prepare for this assignment:
- Play the game based on Deal or No Deal on the online site provided. Take notes as you play to track each of your moves, and write each decision you make, using a chart like the one below.
My Choice
What I Was Thinking
My Decision
The Outcome
- Think about whether each decision you made conforms to Expected Utility Theory or Prospect Theory.
- Think about changes in your decision making as you progressed through the game.
- Consider your level of risk aversion and whether your experience with the game reflects how you make decisions under risky conditions on a day-to-day basis.
- Focus on foundations of Expected Utility Theory and Prospect Theory.
The assignment (2-3 pages):
- Duplicate the notes you wrote as you played the game, using a table like the one above. Submit the table with this Application assignment.
- Explain each decision you made and whether it conformed to Expected Utility Theory or Prospect Theory. Explain why. Be specific.
- Explain whether you think you behaved in a “risk averse” manner at any time. If so, explain when and why. Also, explain whether you think you are risk averse when making other day-to-day decisions and why or why not. Be specific.
Support your Application Assignment with specific references to all resources used in its preparation. You are asked to provide a reference list for all resources. Some References below..
Deal or No Deal. (n.d.). MoFunZone. Retrieved September 15, 2010 from
http:// R. & Dawes, R. (2010). Rational choice in an uncertain world: The psychology of judgment and decision making. Sage.
Calculate the price of your order
Select your paper details and see how much our professional writing services will cost.
- Freebies
- Format
- Formatting (MLA, APA, Chicago, custom, etc.)
- Title page & bibliography
- 24/7 customer support
- Amendments to your paper when they are needed
- Chat with your writer
- 275 word/double-spaced page
- 12 point Arial/Times New Roman
- Double, single, and custom spacing
-
We care about originality
Our custom human-written papers from top essay writers are always free from plagiarism.
-
We protect your privacy
Your data and payment info stay secured every time you get our help from an essay writer.
-
You control your money
Your money is safe with us. If your plans change, you can get it sent back to your card.
How it works
-
1
You give us the detailsComplete a brief order form to tell us what kind of paper you need.
-
2
We find you a top writerOne of the best experts in your discipline starts working on your essay.
-
3
You get the paper doneEnjoy writing that meets your demands and high academic standards!
Get your own paper from top experts
Order nowPerks of our essay writing service
We offer more than just hand-crafted papers customized for you. Here are more of our greatest perks.
Frequently asked questions
Get instant answers to the questions that students ask most often.
See full FAQWhat if I’m dissatisfied with the paper I get?
The average quality score at our professional custom essay writing service is 8.5 out of 10. The high satisfaction rate is set by our Quality Control Department, which checks all papers before submission. The final check includes:- Compliance with initial order details.
- Plagiarism.
- Proper referencing.
I need an essay on the same day. Is it something you can do?
Sure. Our writing company offers a fast service with an 8-hour deadline for orders up to master’s level. Make sure to specify the deadline in the order form and our writers will write a paper within the indicated timeslot. Just proceed to submit your requirements here Once you order a custom-written essay, our managers will assign your order to the well-suited writer, who has the best skills and experience for preparing your specific assignment. You can also request one of these extra features:- Choose the Writer’s Samples option – study 3 randomly-provided pages from orders that have been written by the assigned writer.
- Request a specific writer – choose an academic writer from the dropdown list in the order’s form (optional for returning customers).
How can I be sure your writing service is not a scam?
We understand that a shade of mistrust has covered the paper writing industry, and we want to convince you of our loyalty. Apart from high-quality writing services, we offer:- The chances of students to boost writing skills in a quick and effective way.
- The opportunity to manage studies and free time in an enjoyable manner.
- The possibilities to improve overall academic performance.
Is it legal to use your professional writing service?
Yes. Custom writing help is not prohibited by any university or college. It’s a 100% legal way of getting professional assistance with paper writing. Hiring writers from an essay writing company is in many ways similar to consulting a tutor – we help you solve the writing issues at hand.How does your service work?
Our custom writing service is a reliable solution on your academic journey that will always help you if your deadline is too tight. You fill in the order form with your basic requirements for a paper: your academic level, paper type and format, the number of pages and sources, discipline, and deadline. Then, you describe the specific details of the paper you need: add the topic, write or paste the instructions, and attach files to be used, if you have them. After that, an online customer support representative chooses the best writer that specializes in your discipline and assigns him or her to complete the paper according to your requirements. When the paper is ready, we check it for plagiarism and send it to you. If you want to change something, you can request a free revision.