Briefly describe an important decision that you have made in the past year. What kind of a decision-making process did you use (e.g. rational, boundedly rational, intuitive) and why do you think your decision fits the type of process that you chose? Why did you use the decision-making process that you chose? Was it the right choice? What benefits and/or challenges would you have experienced if you had chosen to use a different decision-making process for that particular decision?
Added by Cindy S.
Step 1
For the purpose of this example, let's say the decision was to change careers from a stable, well-paying job to a more fulfilling, yet less financially secure, career path. Show more…
Show all steps
Your feedback will help us improve your experience
Jennifer Stoner and 89 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Share this week an example of a recent decision that you had to make that had more than two possible choices of outcomes.
Sri K.
Which type of bias do you recognize in your own decision making processes? How has this bias affected how you've made decisions in the past and how can you use your awareness of it to improve your decisions making skills in the future?
Nicole S.
Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.
Arun B.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD