March 18, 2011

Personality shape decision much more than any theory in the world!!

Today after class have finish, we decided to play around with some decision making ideas and the fascinating thing that came out to me was that personality was much more imporatnt than theory.  One very clear example is seeing if the personality of the person is risk averse or risk lover. We were making a bet of -50 to 75 on a coin flip.. despite being very clear without using much tool that the gamble have a positive expected in which reasoning state that we should always attempted, yet many of the people back off and think it wasn't good.  ANother example can be a coin flip of 0 and 100 pounds or a guaruntee figure of as little as 20 or 30.  Many people woudl take the sure money.

What am trying to say is that people commend to wht they believe and their value in tools are only use to help formed their style of personality.


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March 2011

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