In what kinds of situations are people risk-seeking and risk-averse when making a decision? Why is it hard for people to reason statistically? What

In what kinds of situations are people risk-seeking and risk-averse when making a decision? Why is it hard for people to reason statistically?

1. What is reason-based choice vs. emotions-based choice? Explain how one of your decisions from this exercise—that cannot be explained by utility theory—might be explained by reason-based choice. How emotions can cloud or facilitate a decision?