Decision making involves the calculation of expected utilities rather than inferences. The text mentions six various principle of expected utility theory. This expercise uses the concept of Ordering of alternatives, Transitivity, Continuity and Invariance. Transitivity- if A = B and B = C then A must = C. This tool allows for this concept to rationally equate outcome. Continuity in this tool allows for the outcome to be a desired best or a not so desired worse. A rational decision maker would have a prefrence. Finally, this tool allows for Invariance. The rational thinker would be indifferent to the presentation. He/ she would be concern with the ending results. It would probably be safe to say that probability is subjective. I believe that controversies involving the nature of expectation could be avoided by recognizing at the outset that man’s conscious actions are the reflection of nature and nurture. With that being said, based on the tabled results, the decision of new management is likely to be subjective. I also, believe that man experience and culture dictates rational and irrational behavior. Therefore, the results would be rational for the most part. Again, this too is subjective. In my scenario, would it be best for new management to assume that poor sales are due to the lack of hiring minorities? Or, could it be said that poor sales are due to the lack of proper screening of applicants and management relying heavily on gut feeling when making a hiring decision. As well as, the staff chosen happens to be major white. Many hundreds of years ago, a Greek philosopher said, ” If horses could draw, they would paint pictures of Gods that look like horse.” It could be in our nature to think a certain way and nurture would have to take precedence to get one to think another way. Food for thought. …
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