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Which of the following are examples of common behavioral errors in decision making (multiple correct answers; check that apply). O A. Always paying more than true willingness to pay. O B. Settling on a default alternative in the face of a difficult or complex decision. O C. Generally spending too little on high-quality, high-priced items. O D. Letting unrecoverable sunk costs influence ongoing decisions for when such costs have no bearing on benefits and costs going forward. O E. Considering the average cost and average benefit, instead of the marginal cost and marginal benefit, when choosing whether a little more or less should be bought or produced. O F. Always saving too little. O G. Making different decisions when an identical problem is framed in two different ways, especially when one is framed in terms of gains and the other in terms of losses.

Which of the following are examples of common behavioral errors in decision making (multiple correct answers; check that apply). O A. Always paying more than true willingness to pay. O B. Settling on a default alternative in the face of a difficult or complex decision. O C. Generally spending too little on high-quality, high-priced items. O D. Letting unrecoverable sunk costs influence ongoing decisions for when such costs have no bearing on benefits and costs going forward. O E. Considering the average cost and average benefit, instead of the marginal cost and marginal benefit, when choosing whether a little more or less should be bought or produced. O F. Always saving too little. O G. Making different decisions when an identical problem is framed in two different ways, especially when one is framed in terms of gains and the other in terms of losses.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Which of the following are examples of common behavioral errors in decision making (multiple correct answers; check all that apply). O A. Always paying more than true willingness to pay. O B. Settling on a default alternative in the face of a difficult or complex decision. O C. Generally spending too little on high-quality, high-priced items. O D. Letting unrecoverable sunk costs influence ongoing decisions for when such costs have no bearing on benefits and costs going forward. O E. Considering the average cost and average benefit, instead of the marginal cost and marginal benefit, when choosing whether a little more or less should be bought or produced. O F. Always saving too little. O G. Making different decisions when an identical problem is framed in two different ways, especially when one is framed in terms of gains and the other in terms of losses.
Transcribed Image Text:Which of the following are examples of common behavioral errors in decision making (multiple correct answers; check all that apply). O A. Always paying more than true willingness to pay. O B. Settling on a default alternative in the face of a difficult or complex decision. O C. Generally spending too little on high-quality, high-priced items. O D. Letting unrecoverable sunk costs influence ongoing decisions for when such costs have no bearing on benefits and costs going forward. O E. Considering the average cost and average benefit, instead of the marginal cost and marginal benefit, when choosing whether a little more or less should be bought or produced. O F. Always saving too little. O G. Making different decisions when an identical problem is framed in two different ways, especially when one is framed in terms of gains and the other in terms of losses.
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