# CAT 2002 | Question: 28

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Fill the gaps in the passage below with the most appropriate word from the options given for each gap. The right words are the ones used by the author. Be guided by the author’s overall style and meaning when you choose the answers.

Von Neumann and Morgenstern assume a decision framework in which all options are thoroughly considered, each option being independent of the others, with a numerical value derived for the utility of each possible outcome (these outcomes reflecting, in turn, all possible combinations of choices). The decision is then made to maximize the expected utility.

____$(1)$____ such a model reflects major simplifications of the way decisions are made in the real world. Humans are not to process information as quickly and effectively as the model assumes; they tend not to think ____$(2)$____ as easily as the model calls for; they often deal with a particular option without really assessing its _____$(3)$____ and when they do assess alternatives, they may be externally nebulous about their criteria of evaluation.

1.
1. implications
3. utility
4. alternatives

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