AEM 2023/2024 questions with correct answers

Robustness - Answer - when more than one frame is needed - the same alternative course of action looks best in all frames - look at the same decision through multiple frames and comes to the same decision Meta- decision - Answer - deciding how to decide - Answers these questions: Which of the four phase of a good decision process deserves the most attention?, Are we solving the right problem?, Who are the people who should be involved in the decision? NOT: Do I have enough confidence in the best course of action to make the decision now?(second step to making a decision, not on the course of how you actually make the decision) The planning fallacy is an important example of which kind if overconfidence - Answer - Misestimation: accuracy of an estimate Three Kinds of Overconfidence - Answer - 1. mis precision: 90% confidence interval - 2. Misestimation: accuracy of an estimate - 3. Misplacement: comparing yourself to others Consider a gain and a loss that are equal in absolute size, such as winning $100 or losing $100. As a general tendency, the gain is felt as larger than the loss and treated as larger when making decisions. (True/False) - Answer - False: the opposite is true: losses loom larger than gains