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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. How many fatalities came about as a result of bus bombings in Israel between December 2001 and September 2004?

2. How are decision weights and probabilities regarded in prospect theory?

3. Who was concluded to achieve better investment results in "Boys Will Be Boys"?

4. Who is the author of The Halo Effect?

5. In Introduction to the Principles of Morals and Legislation, the author points out that "Nature has placed mankind under the governance of two sovereign masters" (728). What are these masters defined as?

Short Essay Questions

1. What is the principle of diminishing sensitivity?

2. How does the author describe regret in economics?

3. What story from Malcolm Gladwell's book Blink does the author present?

4. What is an illusion of skill?

5. What is a correlations coefficient?

6. What is the expected utility hypothesis?

7. What is the initial gamble that Paul Samuelson famously asked a friend?

8. How does the author assert terrorism works in Chapter 30?

9. How do prospect theory and utility theory differ?

10. How did Nassim Taleb define the term narrative fallacy in The Black Swan?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What does the acronym WYSIATI stand for? Why does the author introduce this acronym and its concept? How does the author propose that one should go about countering WYSIATI?

Essay Topic 2

Describe and discuss expected utility theory. Who introduced this theory? What does it state? How does it differ from prospect theory?

Essay Topic 3

What is confirmation bias and how does it contribute to associative memory? How does it contribute to positive test strategy? What are examples of confirmation bias?

(see the answer keys)

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