508 Review and Sample Exam 2

508 Review and Sample Exam 2 - Psychology 508 Exam 2 1...

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Psychology 508 Exam # 2 1. Explain how one or more of the models or concepts that we have talked about in the second half of the course could explain each of the following behaviors. Some examples of concepts which you could base your explanations on are: expected utility theory (EU), MAUT, prospect theory, the A endowment effect @ , the A certainty effect @ , anchoring and adjustment, EBA, and many others. Note: A long explanation is not necessary, but be sure to say why the concept explains the behavior B two or three sentences should be sufficient. a. Bob plans a surprise anniversary vacation to Hawaii. The package price is on sale for $1975 for two and is regularly $2275. He is thrilled with his net A gain @ of $300 until Jim later tells Bob that he got the same package for him and his wife for$1775, an additional $200 off. Bob now suddenly feels regret and disappointment that he A lost @ $200. b. A neighbor puts his car up for sale. You think it is a fairly nice car and go to ask the price. He names a price much higher than you (or anyone else) would be willing to pay and you tell him so. He replies: A But it = s worth that to me. @ c. An engineering major is not doing very well in her engineering and math classes and is finding that she doesn = t really even like the major anymore. Friends tell her to just switch majors and find a new one she enjoys, but she
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This note was uploaded on 04/22/2008 for the course SOC 321 taught by Professor Reiter during the Fall '08 term at Ohio State.

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508 Review and Sample Exam 2 - Psychology 508 Exam 2 1...

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