The questions below related to Managerial Economics Essay

The questions below related to Managerial Economics - Essay Example Through anchoring people are often overly influenced by outside suggestion. People can be influenced even when they know that the suggestion is not being made by someone who is better informed. (Kahneman & Tversky, 1999). Besides Expected Utility theory also do not seem to be in conformity with the rationality. The famous experiments conducted by Tversky and Kahneman suggested a revolutionary shift from the expected utility theory and clearly suggested than we humans are not essentially rational. These experiments were: We don’t always seem to be behaving according to rationality. The deviation from the rationality seems to be due to Satisficing and heuristics effects. The use of heuristics as a cognitive framework can lead us to errors and similarly satificing seems to be denying the rationality also. The phenomenon of self deception under which a person seems to be acting against what is expected. (Kakures, 1996) Thus the notion that whether a consumer is rational or not is little bit arbitrary in nature as consumers show both tendencies of rationality as well irrationality. Rationally in the sense that consumers considering their limited income, choices, risk appetite, take decisions so that utility is maximized however on the same hand consumers tend to involve themselves into impulse buying and all related activities which potentially point towards the irrational behavior of consumers. Rational thinking can define behavior like impulse buying etc due to the fact that consumers perceive value. There is also a phenomenon called framing effect which basically outlines that we decide differently depending on how we frame the decision based on the losses and gains. (Wang & Fischbeck, 2004). Thus if consumers perceive any gain or loss from making the purchase whether that purchase is rationally made or not is based on how she frames her decision

Analyzing Concepts of Love Essay Example | Topics and Well Written Essays - 1000 words

Analyzing Concepts of Love - Essay Example However, the same individuals that have been in a relationship for long cannot explain the meaning of love. Some individuals believe in the fact that love emanates from friendship that has cultivated trust and assurance. On the other hand, others believe that having someone special and cultivating love is a matter of luck. Worse still, others do not recognize that love does not exist, and may not have any term to explain it. Buttrose (pp.43) argues that despite the definitions that are concluded by researchers, the concept of love cannot be alienated from the life of human beings. According to Buttrose (pp.17) love is not only patient and generous, but also does it not brag of its doings. Through love, individuals are able to seek the truth that surpasses all selfish attributes of either party. Love shields the other partner from love, in an attempt to bring out the best in them. In this context, therefore, it is palpable to argue that, love must hope for the best for all individuals and should direct them towards achieving the best in their own potentiality. On another angle, other analysts argue that, individuals must be cautioned against falling in love, but maintain the aspect of staying steadfast in love, for love can be described as a dream that is likely to come true if good grounds are cultivated. Buttrose (pp.113) argues that love exists between two individuals or even more than two persons. Through love, a form of bonding is created between the involved parties. This is boosted by the commitment and zeal portrayed by the two parties in an endeavor to build love. This is an indication that, love is a feeling that creates bonding of trust, which may lead to familiarity and interdependence between the two individuals. Love in this context, is a reaction that, consoles the soul, and in a layman’s term, ‘brings a smile to the two parties’. Love is an emotion that needs to be experienced, in order to feel it. Over the years, it has prove n an uphill task to measure the depth of one’s love towards somebody or something. In the instance of motherly love, this kind of love cannot be put on a weighing scale. This love is unconditional and keeps on thriving with time. This kind of love is referred to as filial love that displays magnitude of attachment between the mother and child. Alternatively, there exists agape love that emanates from God. This kind of love is exceptional and cannot be compared to that of any other individual anywhere in the world. Love has been described as a form of magic. Just like magic can be created, the same way does love. This can only be proven if the individual focuses on the strengths of their partners and work towards boosting the ability of their partners to portray pleasant attributes. In this case, the two individuals are able to fit in the other person’s world as well as, identify the other party’s weaknesses. Each individual possesses good attributes and it only takes help and optimism of another person to cultivate these positive attributes. Just like the saying of ‘love all’ indicates, in this context, love can be defined as a magic that exits between two persons that have the ability to grow and mature. Love can be described as a long journey by two concerned parties. It is undoubted that a journey must be entangled with a myriad of issues. The major form of love that seems to face