This week there wasn't a lecture. We have been reading up on our group subject which is Decisions from experience.
At some point next Friday we will be putting all of our ideas together, making it into a powerpoint presentation.
The paper we were reading for the power point presentation was 'Decisions From Experience and the Effect of Rare Events in Risky Choice' by Hertwig et al. (2004). This paper was rather short. They conducted a study at a university in Israel, presenting students with six decision problems. For example problem 1 was a choice between an 80% chance of getting $4 or $3 for certain. Half of the participants were put in to the experience group where they were allowed to make decisions from their experience, which meant they were able to see the problems described on the computer screen. The other half were in the experience group, they only saw two buttons on the computer screen and were told that each button was associated with a payoff distribution.
Hertwig et al. found that more participants in the description group chose the option with the higher expected value (H) compared with the experience group.
Thursday, 10 December 2009
Thursday, 3 December 2009
Week 8: Review Session
What a frantic week!
This week our group coursework was due in, so final additions were being made to our page frantically. It was easier to edit and put all of our notes together for this page this Friday because we were all together in one room. Which made writing the page easier, as we could shout across to each other what we plan to do to the page, and what needed writing.
Doing the page separately at home, was not very easy as no-one knew what we should do, or could do, as we were all undecided until we met up to work as a group.
In the lesson, David breifly went over all of the topics we covered, reminding us of what we have learnt so far. It was a very quick lesson. But useful, for revision, as I forgot about some of the topics we discussed at the start of the module.
The weeks have flown by so fast, it is almost the end of the module, already!
Over the coming next few weeks we will be working as a group on our next assignment.
Our topic is; Decisions from experience. It sounds like an interesting enough topic.
We will see how it goes!
This week our group coursework was due in, so final additions were being made to our page frantically. It was easier to edit and put all of our notes together for this page this Friday because we were all together in one room. Which made writing the page easier, as we could shout across to each other what we plan to do to the page, and what needed writing.
Doing the page separately at home, was not very easy as no-one knew what we should do, or could do, as we were all undecided until we met up to work as a group.
In the lesson, David breifly went over all of the topics we covered, reminding us of what we have learnt so far. It was a very quick lesson. But useful, for revision, as I forgot about some of the topics we discussed at the start of the module.
The weeks have flown by so fast, it is almost the end of the module, already!
Over the coming next few weeks we will be working as a group on our next assignment.
Our topic is; Decisions from experience. It sounds like an interesting enough topic.
We will see how it goes!
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