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In this paper, you are provided with Nine (9) questions such as; what are second order consequences and why they are important to understanding risk and decision-making, what is loss aversion and can it negatively influence the ability to make sound decisions, how decision rules help to explain and clarify the elements of choice, etc. You are supposed to answer any 1 question and provide appropriate and specific examples to illustrate your answer.
Answer ONE (1) of the following questions. Be sure to use and device specific examples to clarify and demonstrate your points. Use the one or two quotes in the article or videos and clarify.
• What are second order consequences and why are they important to understanding risk and decision-making? • What is loss aversion and how can it negatively influence the ability to make sound decisions? • What is satisficing, and why/how is it important in understanding risk decision-making? • In what specific ways can knowledge about decision rules and heuristics be used reduce the information-knowledge gap between experts and laypersons? • Choose a concept or topic from the readings with particular interest to or resonance with you (in terms of your understanding of risk). Explain this concept or topic and its relevance to understanding risk and decision-making. • Explain the traditional understanding of dishonest behavior, and discuss the effectiveness of the conventional approach to behavior management. • Explain and discuss the perspectives of either a) ecologists, b) political economists, or c) modernization theorists in terms of the contributions and accuracy of these perspectives to understanding the problem of climate change. • How do decision rules help to explain and clarify the elements of choice? • How do expected values and uncertain values influence choices about risk?