Question

The study by Tversky and Shafir, in which college students decided whether or not to purchase a vacation package after taking a difficult end-of-semester exam, showed the influence of ____ in decision making?

1) positive vs. negative outcomes
2) opt-in vs. opt-out procedures
3) justification
4) utility

Answer 1

Tversky and Shafir's study highlighted the role of justification in decision making, which links to the broader concepts of utility in economics.

Step-by-step explanation:

The study by Tversky and Shafir showed the influence of justification in decision making when college students decided whether or not to purchase a vacation package after taking a difficult end-of-semester exam. This phenomenon illustrates how individuals seek reasons or justifications for their choices, especially when facing uncertainty or complex decisions. Understanding this can help in comprehending how and why consumers make certain choices, and it is closely related to the concepts of total utility and marginal utility in economics, which describe the satisfaction or happiness a person gains from consuming goods or services.