- 04/14/2019 at 2:20 pm #471899EduGorillaKeymasterSelect Question Language :
Directions: Select the appropriate word from the given options and fill blank (i).
Nuemann and Morgenstern assume a decision framework in which all options are thoroughly considered, each option being independent of the others, with a numerical value derived for the utility of each possible outcome (these outcomes electing, in turn, all possible combinations of choices). The decision is then made to maximize the expected utility.
___(i)_____, such a model reflects major simplifications of the way decisions are made in the real world. Humans not able to process information as quickly and effectively as the model assumes; they tend not think ___(ii)_____ as easily as the model calls for; they often deal with a particular option without really assessing its ___(iii)_____ and when they do assess alternatives, they may be extremely nebulous about their criteria of evaluation.
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