POL2010_notes - The decision-making environment is also...

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Public Policy 9/9 -Expected Value = Value • Probability - Rational Behavior: You would think that people would behave in order to maximize their expected value. -Actually seek to maximize utility- the whole bundle of things that give you happiness. - Voting -People act in a predictable way, but not always purely economically. -Behavioral Economics is a developing field. -Trying to maximize your chances of winning an election. -Trying to maximize your appeal to voters. -We don’t seek to maximize the parallels between our preferences and our candidates’ views (?) -Go to middle of candidate curve of opinion. -Candidates more to the left or right for primary elections. Then move back to the center for actual election. -Bounded Rationality- there are limits to how rational we are. -People are goal-oriented, but they often fail to behave as predicted because we have complex cognitive architectures. We’re complicated creatures.
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Unformatted text preview: The decision-making environment is also complex and uncertain. There are a lot of competing factors when we are trying to make decisions. Largely shaped by the “task environment.” When we are highly attentive with high motivation toward a problem/decision, highly reasonable b/c the stakes are high. When attention is low, rely on experience- simpler and less rational approach. - Age we become most proficient at dealing with risk and uncertainty: around the age of college graduation, 22ish.-Evolutionarily- Take risk at the extreme. See shadow in the bush- run. Now expected to see the nuance. -Aspire to master what we know about how people think. o More interesting, more productive life about how we do and don’t think.-Biggest difference between experts and novices in decision-making is in speed and confidence, not in the quality of the decision. o Mamograms, Phaesian ? Study,...
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This note was uploaded on 09/09/2011 for the course PUBP 2010 taught by Professor Unknown during the Spring '09 term at Georgia Tech.

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POL2010_notes - The decision-making environment is also...

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