watch a video and then answer several questions.
This is the link of the video: https://youtu.be/VAdqyDtoEbI

CASE STUDY WRITE-UP
Imagine that you are employed by a firm facing similar decisions to those made by Sun Oil, and
that you have been asked to brief management on features of the case which might be applicable to
your own situation. produce a short write-up which examines the
decisions made by employees of Sun Oil (or other individuals or organizations depicted within the
video). The write-up is divided into several specific questions, as noted below. For each item, please
provide a clear, correct, and cogent response that provides the information being requested. As in
a real-world context, your answers should be succinct and to the point – brevity is encouraged, so
long as important information is not omitted.
1. Identify and briefly describe any two decisions made during the course of the case. For each
decision, specify all of the following:
(a) The decision maker;
(b) The decision maker’s choice set;
(c) The major factors impacting the decision maker’s assessment of the value of the options
in his or her choice set; and
(d) The major factors impacting the decision maker’s beliefs regarding the outcomes of his
or her choices.
2. Consider what you have learned (from lectures, discussion sections, and readings) about the
principles of rational choice, judgment, and strategic behavior. From these principles, choose

any three of the following: the axioms of choice (each axiom counts as one item); expected utility theory; Bayes’s Theorem; dominant strategies; best responses; or Nash equilibria. For each of your selections, either: (a) Identify a decision within the case for which properly applying the principle could rear sonably lead to improved decision making, explaining how and why this principle applies to the decision in question; or (b) Identify a decision within the case for which failing to properly apply (and/or violating) the principle could reasonably lead to impaired decision making, explaining how and why this violation would produce suboptimal performance for the decision in question.