Question 1

Which of the following is a situation where the negotiator agrees on an outcome though there is another outcome that is Pareto-superior?

Accepted Answer

A)  A negotiator selects his preferred outcome though it decreases the utility for the other party. 
B)  The negotiator abstains from engaging in discussion with the other parties involved. 
C)  A negotiator wins over a compromise to obtain a win-win to all the parties involved. 
D)  The negotiator makes an ineffective bargain resulting in losses to all the parties involved. 
A)  A negotiator selects his preferred outcome though it decreases the utility for the other party. 
B)  The negotiator abstains from engaging in discussion with the other parties involved. 
C)  A negotiator wins over a compromise to obtain a win-win to all the parties involved. 
D)  The negotiator makes an ineffective bargain resulting in losses to all the parties involved.

Question 2

The ________ axiom asserts that if x is preferred to y,then x must be preferred to any probability mixture of x and y,which in turn must be preferred to y.

Accepted Answer

A)  reducibility 
B)  continuity 
C)  substitutability 
D)  betweenness 
A)  reducibility 
B)  continuity 
C)  substitutability 
D)  betweenness

Question 3

According to the expected utility theory,we need to be able to compare everything to be truly rational.

Accepted Answer

A) True 
 B)False

Question 4

Briefly explain the three main types of decisions to be made by a decision maker.

Accepted Answer

The three main types of decisions are ri

Question 5

You want to purchase bonds from a bank that offers high interest.However,you know that the bank's profitability has declined in recent times.Which of the following would you choose to help you make the best possible decision under these circumstances?

Accepted Answer

A)  the dominance principle 
B)  the expected value principle 
C)  the elimination technique 
D)  the random choice decision making 
A)  the dominance principle 
B)  the expected value principle 
C)  the elimination technique 
D)  the random choice decision making

Question 6

Which of the following refers to the set of outcomes corresponding to the entire set of agreements that leaves no portion of the total amount of resources unallocated?

Accepted Answer

A)  Pareto-efficient frontier 
B)  the Nash solution 
C)  the uniqueness axiom 
D)  the symmetric bargaining principle 
A)  Pareto-efficient frontier 
B)  the Nash solution 
C)  the uniqueness axiom 
D)  the symmetric bargaining principle

Question 7

Which of the following statements best describes the law of large numbers?

Accepted Answer

A)  Large numbers of people should be involved if a gamble has to be successful. 
B)  Risk involved in a gamble is low when the money invested in it is large. 
C)  The mean return will get closer and closer to its expected value the more times a gamble is repeated. 
D)  Risk involved in a gamble is low when the prize is large. 
A)  Large numbers of people should be involved if a gamble has to be successful. 
B)  Risk involved in a gamble is low when the money invested in it is large. 
C)  The mean return will get closer and closer to its expected value the more times a gamble is repeated. 
D)  Risk involved in a gamble is low when the prize is large.

Question 8

Which of the following is an example of a situation in which the law of large numbers does not apply to the expected-value decision principle?

Accepted Answer

A)  The investment decision is a once-in-a-lifetime opportunity. 
B)  Average return expected of a project is low. 
C)  The project requires a series of investments over the years. 
D)  Average return expected of a project is high. 
A)  The investment decision is a once-in-a-lifetime opportunity. 
B)  Average return expected of a project is low. 
C)  The project requires a series of investments over the years. 
D)  Average return expected of a project is high.

Question 9

The betweenness axiom asserts that gambles that have prizes about which people are indifferent are interchangeable.

Accepted Answer

A) True 
 B)False

Question 10

An individual has short listed three properties to build a house on.He has to choose from these three properties.This is an example of a ________.

Accepted Answer

A)  jagged selection 
B)  decision making under uncertainty 
C)  risky choice 
D)  riskless choice 
A)  jagged selection 
B)  decision making under uncertainty 
C)  risky choice 
D)  riskless choice

Which of the following is a situation where the negotiator agrees on an outcome though there is another outcome that is Pareto-superior?

The ________ axiom asserts that if x is preferred to y,then x must be preferred to any probability mixture of x and y,which in turn must be preferred to y.

According to the expected utility theory,we need to be able to compare everything to be truly rational.

Briefly explain the three main types of decisions to be made by a decision maker.

You want to purchase bonds from a bank that offers high interest.However,you know that the bank's profitability has declined in recent times.Which of the following would you choose to help you make the best possible decision under these circumstances?

Which of the following refers to the set of outcomes corresponding to the entire set of agreements that leaves no portion of the total amount of resources unallocated?

Which of the following statements best describes the law of large numbers?

Which of the following is an example of a situation in which the law of large numbers does not apply to the expected-value decision principle?

The betweenness axiom asserts that gambles that have prizes about which people are indifferent are interchangeable.

An individual has short listed three properties to build a house on.He has to choose from these three properties.This is an example of a ________.

Negotiation: The Mind and the Heart

Preparation: What to Do Before Negotiation

Distributive Negotiation: Slicing the Pie

Win-Win Negotiation: Expanding the Pie

Developing a Negotiating Style

Establishing Trust and Building a Relationship

Power,Persuasion,and Ethics

Creativity and Problem Solving in Negotiations

Multiple Parties,Coalitions,and Teams

Cross-Cultural Negotiation

Tacit Negotiations and Social Dilemmas

Negotiating Via Information Technology

Nonverbal Communication and Lie Detection

Third-Party Intervention

Negotiating a Job Offer

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Exam 13: Are You a Rational Person Check Yourself

Which of the following is a situation where the negotiator agrees on an outcome though there is another outcome that is Pareto-superior?

The ________ axiom asserts that if x is preferred to y,then x must be preferred to any probability mixture of x and y,which in turn must be preferred to y.

According to the expected utility theory,we need to be able to compare everything to be truly rational.

Briefly explain the three main types of decisions to be made by a decision maker.

You want to purchase bonds from a bank that offers high interest.However,you know that the bank's profitability has declined in recent times.Which of the following would you choose to help you make the best possible decision under these circumstances?

Which of the following refers to the set of outcomes corresponding to the entire set of agreements that leaves no portion of the total amount of resources unallocated?

Which of the following statements best describes the law of large numbers?

Which of the following is an example of a situation in which the law of large numbers does not apply to the expected-value decision principle?

The betweenness axiom asserts that gambles that have prizes about which people are indifferent are interchangeable.

An individual has short listed three properties to build a house on.He has to choose from these three properties.This is an example of a ________.

Negotiation: The Mind and the Heart

Preparation: What to Do Before Negotiation

Distributive Negotiation: Slicing the Pie

Win-Win Negotiation: Expanding the Pie

Developing a Negotiating Style

Establishing Trust and Building a Relationship

Power,Persuasion,and Ethics

Creativity and Problem Solving in Negotiations

Multiple Parties,Coalitions,and Teams

Cross-Cultural Negotiation

Tacit Negotiations and Social Dilemmas

Negotiating Via Information Technology

Nonverbal Communication and Lie Detection

Third-Party Intervention

Negotiating a Job Offer

Filters