Question

The term "intuition-based judgment" as applied to the example of a patch of lily pads doubling in size each day refers to:

Group of answer choices

the effect of health insurance on individual and household consumption decisions.

the limitations that cognitive bias in the brain places on economic decision making.

a preference reversal that depends on whether an outcome is presented as risk-averse or risk-seeking.

the effect of “fast” versus “slow” cognitive systems in the brain on health behaviors.

Answer 1

It would be referring to the the effect of of limitations that the cognitive bias in the brain places on the economic decision making because this cognitive bias are always leading to biased decision making approach whenever it comes to institution based judgement.This example is a reflective of cognitive bias institution based judgementjudgement.

Correct answer would be option(B)the limitations that cognitive bias in the brain places on economic decision making.

Other options are not appropriate and they are false.