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Decison Making and Behaviroral Traps

Details: To complete this project assignment you will need to have read the assigned chapters in the text for Unit 4 and you will need to complete some independent research (in the library or on the internet) on behavioral traps.

From our learning this unit we discovered that there are 5 different types of behavioral traps; the (1) time delay trap, (2) investment trap, (3) deterioration trap, (4) ignorance trap, (5) collective trap. Behavioral traps are almost always identified in hindsight but an awareness of them can help us, as decision makers, avoid becoming "trapped".

Post an answer to the following questions:

1-Based on your reading and research during Unit 4, in your opinion, which one of the 5 behavioral traps do you believe is the easiest to fall into and which one is the easiest to avoid?

2-Identify an example of how an individual may fall into one of the traps you identified. Make sure you don't use an example from the chat sessions or one previously posted by a fellow student.

Solution Preview

1-Based on your reading and research during Unit 4, in your opinion, which one of the 5 behavioral traps do you believe is the easiest to fall into and which one is the easiest to avoid?

This is subjective because each person has their own vice or areas of weakness; however, let's look at two possibilities.

The investment trap might perhaps be the most difficult to avoid because when you invest yourself in something, it is exceedingly difficult to discard your investment. The devilish thing about entrapment is not just that it can result in ever greater losses, but that those losses get you ever more entrapped, because now you ...

Solution Summary

By example, this solution discusses which of the five behavioral traps are the easiest to fall into and which one is the easiest to avoid.

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