Bit 3434 midterm 1 Study guides, Class notes & Summaries

BIT 3434 Midterm 1 What is the anchoring effect? - correct answer - When seemingly trivial factors serves as a starting point for estimations. ex: 1x2x3x4x5x6x7x8 people may think this is less than 8x7x6x5x4x3x2x1 if they were guessing (They the same) What is the framing effect? - correct answer How a decision maker views or perceives the alternatives in a decision problem--- often in a win/loss perspective. Ex: you just been given $1000, but must choose one option A) receive another ...

BIT 3434 Midterm 1 Questions with certifed solutions 2024