Decision Making
Decision Making
Decision Making
Kartei Details
| Karten | 144 |
|---|---|
| Sprache | Deutsch |
| Kategorie | Psychologie |
| Stufe | Universität |
| Erstellt / Aktualisiert | 17.06.2024 / 18.06.2024 |
| Weblink |
https://card2brain.ch/box/20240617_decision_making
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| Einbinden |
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How could regret aversion lead to the status quo bias?
Regret aversion causes status quo bias because actions that lead to poor results cause stronger regret than actions not taken which lead to poor results.
An insurance company listing each policy discount individually (loyalty discount, safe driver discount, etc.) would be an example of hedonic framing.
Decision making under risk and uncertainty can be explained or is influenced by which heuristics and biases?
Loss aversion, Conjunction fallacy, status quo bias, Avalability heuristic, framing, anchoring
Which of the following are examples of the status quo bias?
What is an example for resulting behavior for high probability of loss?
rejects favorable option, not playing again
What emotion and motivation influence our behavior in the case of the risk attitude "high probability of a gain"?
Fear of disappointment
Which probabilities are usually overweight?
Attribute one of the fourfold patterns of risk attributes to this action:
Playing the lottery:
The "Fourfold pattern of risk attitudes" refers to a categorization or classification of attitudes towards risk based on two dimensions: risk aversion and risk seeking.
Does risk averse behavior manifests itself in high probability situations?
Why will many people decide to pay a premium without a deductible when for example purchasing insurance on a rental car?
Many people (unconsciously) overestimate the probability of a damage occurring and therefore overestimate the probability of paying the deductible.
Which of the following is a limitation of expected utility theory?
How is the expected utility of an outcome calculated in expected utility theory?
According to prospect theory, individuals tend to exhibit risk-averse behavior when faced with:
The "framing effect" in prospect theory refers to the idea that:
According to prospect theory, which of the following best describes the principle of decreasing sensitivity?
We distinguish four types of consumer decisions: extensive processing, impulsive, limited and habitual.
Going to migros and buying same apples every week is an example of a … decision.
habitual
Name three kinds of situations that can influence the formation of the consideration set
- memory-based choice situations
- stimulus-based choice situations
- mixed situations
name three memory-based choice situations
- based on alternatives that are available in memory (often limited number of alternatives)
- Recall of relevant alternatives at a specific moment (information likely to be incomplete)
- Depends on how information is organized, on priming and on cues
name three stimulus-based choice situations
- based on presented alternatives
- often large number of alternatives
- limited due to short-term memory & limited processing capacity
Name two aspects that lead to need recognition
- internal stimuli
- external stimuli
name the three types of needs
- functional need
- social need
- need for change
what is a "want-got gap" ?
Person feels discrepancy between current and desired state.
What are the tree types of Information Search?
- Internal search
- External search
- Ongoing search (without a discrepancy to address)
Which decisions are mainly based on an internal search, which on an external search?
- internal ("What options do I remember?"): e.g. going out for dinner --> recalling restaurants from memory
- external ("What options do I find outside?": e.g. looking up a restaurant on the internet (e.g. Google maps, Tripadvisor)
What are the implications for marketing?
If people go for external search, they have an cue in internal search
What is heuristic?
mental shortcuts/rule of thumbs. Simple rules that focus on one aspect of a complex problem ignoring the others.
What is the goal of heuristic?
The goal of heuristic is making decisions more quickly, frugally, and/or accurately.
What is rationality?
Rationality is the ability to make logical and informed decisions based on reason and evidence.
Who acts rational?
Rational economic man / Rational actor / Homo Economicus
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