Psychology of Economic Decision-Making

Another name for hindsight bias is ...

After a stock market rebound in May/June 2020 after its crash in March 2020 (due to Corona), a friend tells you he has known for months that this would happen. This is an example of ...

Initially making a low offer in order to get a good deal on that vintage stamp you were searching for is an example of ...

You ask for CHF 70’000 in a salary negotiation. You would have accepted CHF 55’000. Your new employer tells you that your request is a bit high. He offers you CHF 65’000. Originally, he wanted to offer you no more than CHF 60’000. This is an example of ...

You can choose (A) You roll the dice. An even number means you win 160 CHF. An odd number means you don’t win anything. (B) You don’t roll the dice and simply get 75 CHF.
Which of the following statements are true?

What are the three principles of the prospect theory?

Which statements regarding hedonic framing are true?

Which statements regarding the status quo bias are true?

A person with comprehensive cover car insurance (i.e., with deductible) is more likely to be careful with their car to ensure there is no damage compared to somebody with a car insurance without deductible. This effect is an example of:

In contrast to prospect theory, the cumulative prospect theory posits that:

When choosing an insurance policy, the following applies:

The prospect theory proposed that people consider potential gains and losses when making decisions and, therefore, people’s preferences are sensitive to the ___ of information.

According to the cumulative prospect theory,

Emma is willing to pay $1 for a lottery ticket that has an expected utility of $0.85. This proves that Emma is:

Bob is perfectly healthy. He nevertheless decides to pay for a full body scan just to be sure that everything is ok. This shows that Bob is:

Which of the decision-models listed below are non-compensatory models?

The elimination-by-aspects heuristic is typically followed by ...

Human decision-making is characterized by bounded rationality. Bounded rationality is due to humans’...

Which of these terms below do NOT describe a type of consumer decision?

Which of the following statements about the conjunctive model are true?

Which term describes the misjudgment of the likelihood of a specific person belonging to a particular group due to not paying attention to the proportion of people in general belonging to this particular group?

Which of the following is an example of the anchoring-and-adjustment heuristic?

Which of the following statements is most likely to describe Tracy’s life after completing her degree in gender studies?

Which of the following fallacies/biases are NOT attributed to the representativeness heuristic?

What is the gambler's fallacy?

Recognizing that a currently very successful football player will probably perform less outstanding in the future implies some understanding of what?

John believes that planes are more dangerous than cars. What might the availability heuristic tell us about John?

Imagine you are trying to buy something on the flea market. Initially making a low offer in order to get a bargain on a second-hand item is an example of you using the:

Several news outlets report extensively about two people experiencing really bad side effects after being vaccinated against Corona. Which heuristic explains that the general population overestimates the dangers of the vaccine after reading these reports.