Explain the concept of rarity assumption as it relates to the discounting of a certain type of information, and provide an example from your everyday life.

Answer the following questions and prompts in a 3-4 page narrative that demonstrates a personal understanding of the material. Provide detailed examples from your own experiences that illustrate the concepts; if possible, discuss how this information might be relevant to your future career; whenever possible, define concepts with your own words.  answer EACH of the six questions.

• EXPLAIN the concepts AND then give an example of an additive upward counterfactual, and of a subtractive downward counterfactual from your own life experiences.
• What is ONE function/purpose/use of counterfactual thinking? That is, why do we engage in it? SECONDLY, WHEN do we typically engage in it? give ONE example from your own life.
• Explain the concept of rarity assumption as it relates to the discounting of a certain type of information, and provide an example from your everyday life.
• According to theories presented in our course, WHAT might be a cognitive explanation for why some people refuse to vaccinate their children ? Briefly explain your answer. You must provide at LEAST ONE named theory/concept from our course to explain this.
• Explain the “certainty effect” in relation to Superfund environmental clean-up efforts? Is there an example or application of the “certainty effect” at work in your own life? Try to identify one.
• In 3 sentences or fewer, explain the difference between expected value and expected utility theories.

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