1.Are there more words that begin with the letter r, or more words with r in the third position? Answer this question as people who make typical errors in experiments would. additionally illustrate what principle of judgment or decision making demonstrate this.
2. Your friend will give you a free $5 bill no strings attached, or you can flip a coin and win $10 or $0. Do you want the $5 or flip the coin? What does expected value theory tell you to do?
3. consider the same game as question 2, but instead of $10 you can win $12. do you still prefer $5. does this violate the expected value? Does the concept of utility help you explain choosing $5?