Decision Making (final)

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6 Terms

1
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What are the basic elements of a decision?

Alternatives, outcomes & probabilities, value of each outcome

2
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What is economic utility theory?

3
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What is reasoning?

The cognitive process by which people start with info & come to conclusions that go beyond the info

4
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What is deductive reasoning?

This reasoning is less common.  Ex all robins are birds

5
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What is inductive reasoning?

Process of reasoning a general principle is true because the special cases you’ve seen are true.

6
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What is deductive reasoning?

if two permits of a valid syllogism are true, the syllogism’s conclusions must be true.  “All flowers are animals, all animals can jump. Therefore, all flowers  can jump. Valid but not TRUE!