The first question is that, if I am given 1000 Euros and then, I am presented with two options which involve, firstly, that I can have an additional 500 Euros for sure. And the second option involves me flipping a coin, if its head, then I gain an additional 1000 Euros and if it is tails, then I get nothing. In this case, I think I would go with option B, i.e. flipping of the coin. The reason behind this is simply because I have a risk taking nature. But I do not take extraordinary risks. The risk here is calculated and I know that if I am going to lose then how much of the amount I am going to lose. And considering that I’ll have a thousand Euros anyway, I think this is worth taking the risk for.
The second question is almost the same but it is stated in terms of loss. I am given 2000 Euros and the first option is that I’ll lose 500 Euros for sure and the second option involves me flipping a coin, where head means a loss of additional 1000 Euros and tail means that I would lose nothing. Here again, I would go with the second option and the reason behind it is the same. I like to take risks where I know the loss is calculated and also the one that I can easily bear.
The first question is that the Blu-ray player that I am deciding to buy is available for 99 Euros but it is not of a well-known company. I won’t buy the Blu-ray. The reason behind this is because what I have learnt from my experience is that things like a Blu-ray player should be bought only from well-known brands and with guarantee. Maybe 99 Euros are way below the price it is worth for but it also does not ensure any quality of the product. And maybe, I will be saving a lot if I would buy this Blu-ray player for 99 Euros but I may have to pay in future for it if it stops working or any other problem occurs. And this is, for sure, going to cost more than I would pay in the first place for a branded Blu-ray player. So, I think I would wait to learn about the prices and features of other models as well.
In the second question, now I am presented with the choice of a Blu-ray player by Sony, which costs about 149 Euros and this too, would be a bargain for me. In this case, I think I’ll buy the Blu-ray player of Sony. The reason behind this decision is a number of considerations. Firstly, the Blue-ray player is from a well-known brand; secondly, its price is also comparatively low. So, instead of buying the 99 Euros Blu-ray player whose quality is a big question, I will go for the Sony Blu-ray. I don’t think I will wait for other models. One reason behind this is because I am a quick decision maker and if I don’t have any concerns left, then there is no point to wait and analyze a number of different models. If the Blue-ray player of Sony is fulfilling all my demands, then I will buy it without waiting any further……………………
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