Laurie Santos: A Monkey Economy as Irrational as Ours Directions: Watch the TED Talk “A Monkey Economy as Irrational as Ours” by Laurie Santos...

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Directions: Watch the TED Talk “A Monkey Economy as Irrational as Ours” by Laurie Santos (https://www.ted.com/talks/laurie_santos_a_monkey_economy_as_irrational_as_ours). After watching the video, answer questions attached.

Laurie Santos: A Monkey Economy as Irrational as Ours
Directions: Watch the TED Talk “A Monkey Economy as Irrational as Ours” by Laurie Santos (https://www.ted.com/talks/laurie_santos_a_monkey_economy_as_irrational_as_ours). After watching the video, answer the following questions. While there may not be one right answer to some of the questions, you will be graded on whether you answered the questions conscientiously, showing evidence of deeper reflection and critical thought.
1) For the first scenario posited by Dr. Santos (gaining money), what was your initial reaction/decision: play it safe or risk (be honest there isn’t a right answer)? Why did you choose that answer?
2) For the second scenario posited by Dr. Santos (losing money), what was your initial reaction/decision: play it safe or risk (be honest there isn’t a right answer)? Why did you choose that answer?
3) One of driving forces of irrationality in humans is our preference to use relative terms instead of absolute terms to make decisions (see framing effect in the PPT for additional information). How can understanding this cognitive bias be important when presenting information/an idea to a supervisor whom you need buy-in from?
4) Loss aversion and escalation of commitment/sunk cost biases (see PPT for additional information) lead to poor decision making. What is an example from your life (can be work or personal) where this bias affected your decision making? How would you avoid making that same error again?
5) If these cognitive biases are difficult to overcome – what can you do to reduce their effects?
Answered 4 days AfterAug 08, 2022

Answer To: Laurie Santos: A Monkey Economy as Irrational as Ours Directions: Watch the TED Talk “A Monkey...

Tanmoy answered on Aug 13 2022
13 Votes
Response to Questions        4
RESPONSE TO QUESTIONS
Table of Contents
Answer 1    3
Answer 2    3
Answer 3
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Answer 4    3
Answer 5    4
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1
    I have chosen this risk as there is no loss. In case there is heads, I can double my money. But incase there is a tail, I lose all the money. This works perfectly for the probability cases as there is no specific responses.
2
    I wanted to play this safe as there is huge amount of risk involved and there is a possibility to lose more than $1000. But, if I can play this safely, then there will be a loss of just $500. Hence, it is beneficial and I can save...
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