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1. Explain how worrying about mere possibilities while
ignoring probabilities can result in people making decisions that not only
fail to satisfy social interest, but also fail to satisfy self-interest.
2. How can information be used to improve peoples decision
making?
3. answer the following questions:
a. What information do accurate grades provide that grade
inflation hides?
b. If grade inflation became widespread in secondary schools
and universities, what new arrangements do you predict would emerge to provide
better information about student ability?
c. Do you think grade
1. Explain how worrying about mere possibilities while
ignoring probabilities can result in people making decisions that not only
fail to satisfy social interest, but also fail to satisfy self-interest.
2. How can information be used to improve peoples decision
making?
3. answer the following questions:
a. What information do accurate grades provide that grade
inflation hides?
b. If grade inflation became widespread in secondary schools
and universities, what new arrangements do you predict would emerge to provide
better information about student ability?
c. Do you think grade inflation is in anyones self-interest?
Explain who benefits and how they benefit from grade inflation.
d. How do you think grade inflation might be controlled?
