A classical decision model differs from a behaviour decision model as the classical model:
A)assumes that people act with only partial knowledge about the available action alternatives and their consequences.
B)describes decision making with limited information and alternatives.
C)recognizes cognitive limitations to our human information-processing capabilities.
D)describes how many decisions get made in the ambiguous and fast-paced problem situations.
E)assumes that the choice of preferred course of action is made by a decision maker who is fully informed about all possible alternatives.

Question

Quizplus · Accepted Answer

The classical decision model assumes that the decision maker is fully informed about all possible alternatives and chooses the preferred course of action based on rational analysis of available information. In contrast, a behavioral decision model recognizes the cognitive limitations of human beings and how decisions are made in fast-paced and ambiguous problem situations. Therefore, choice E is the best answer.

A Classical Decision Model Differs from a Behaviour Decision Model