1. What did normative theories lead to?
- Simulation theory
- Value theory
- Prospect theory
- Theory theory
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2. What is a criticism of normative theories?
- Lack validity of claims
- Lack theoretical background
- Do not actually represent real world behaviour
- Lack direct evidence
3. What is the main premise of descriptive theory?
- Concept of probability, expected value and utility and bias when there are risks involved
- People make decisions based on anticipated gains and losses which are subjectively assessed. Concept of availability
- People make decisions based on anticipated gains and losses which are objectively assessed to remove bias. Concept of availability
- Bias when there are risks involved and variable schedules of reinforcement
4. Is utility the same as economic value?
- No, utility is psychological value
- Yes, utility is equal to economic value
5. What is the strategy that should be used by rational individuals in the prisoners dilemma?
- Variable reinforcement
- Short term reward
- Nash equilibrium
- Long term gain