1. Identify the basic elements of a real-estate investor's decision situation. What are the investor's objectives? Is the situation dynamic (that is, are there sequential decisions)? What are some of the uncertainties that the investor faces? What are the crucial trade offs? What role does the time value of money play for this investor?
2. Describe a decision problem that you have faced recently (or with which you are currently struggling). Describe the decision context and your objectives. What were the specific decisions that you faced, and what were the relevant uncertainties? Describe the possible consequences.