Week 12, Monday Lecture Outline

Decision Making and Careers

Lecture 22

Psychology 360


An application decision

Models of individual decision making

Rational model

A rational job search

Bounded rationality model

A boundedly rational job search

Sources of bias

Framing effects

Framing effects

Framing: Empirical results

Honoring sunk costs

Why do we honor sunk costs?

Diagnosing your career

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Revised - April 7, 1997