Decision Making
Decision Making
Decision Making
Fichier Détails
| Cartes-fiches | 144 |
|---|---|
| Langue | Deutsch |
| Catégorie | Psychologie |
| Niveau | Université |
| Crée / Actualisé | 17.06.2024 / 18.06.2024 |
| Lien de web |
https://card2brain.ch/box/20240617_decision_making
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Which assumption is wrongly made because of regression fallacy?
It assumes that something has returned to normal because of corrective actions taken while it was abnormal.
Regression Fallacy: An exceptionally good or bad result (e.g., a throw) is most likely followed by a [blank] result.
If the regression fallacy is not responsible for a result, what is the explanation for the result?
natural fluctuations
[Blank] is one reason why it is difficult to determine whether a potential remedy is really effective; one cannot tell simply by taking it when ill.
Regression to the mean
What was found in a study about satisficing by Schwartz et al. (2002)?
Maximizers are less satisfied with consumer decisions and have a tendency to engage in social comparisons.
Please give an example for a positive statement with absolute numbers.
“9 out of 10 customers are happy with our service.”
What are four disadvantages of maximizing?
- It requires a lot of time and effort
- Social comparison makes unhappy
- Creates high expectations that are difficult to fulfill – hence leading to regret
- Information that becomes available later may make the decision suboptimal and hence may also lead to regret
What do maximizers do before they make a decision?
They compare all the options in order to get the best option.
What two words make up “satisficing” ?
- “Satisfy”
- “Suffice”
What is confirmation bias?
Confirmation bias is the tendency of people to favor information that conforms or strengthens their beliefs or values and is difficult to dislodge once affirmed.
Facts are perceived and/or interpreted according to preconceived opinions.
What is the main effort of confirmation bias?
Defending the opinion when gathering further information.
What is the function of the choice process according to the implicit favourite model?
In the implicit favorite model, the function of the choice process is to justify the implicit choice of option A. Individuals may subconsciously evaluate and consider various alternatives, but the choice process ultimately aims to rationalize and provide reasons that support the selection of option A as the preferred choice
What are factors influencing mental availability?
What is the decoy effect?
Please choose the correct heuristic/bias for the following definition:
"Ease of recall/retrieval determines how likely or relevant a consequence seems to the individual"
The hindsight bias refers to:
What are possible consequences of the hindsight bias?
What is the definition of the conjunction fallacy?
The assumption that specific conditions are more probable than a single general one.
Why is the conjunction less likely than either single event?
Because the probability of both events occurring together is generally lower than the probability of each event occurring individually.
What would be a possible application in marketing?
Selling specific instead of generic insurance policies because people feel specific events are more likely and hence are more inclined to purchase the policy.
Why do people fall for the conjunction fallacy?
Because the specific option seems more “representative” than the generic one.
Which two scientists discovered and researched the conjunction fallacy?
Tversky and Kahnemann.
What will the call of the referee be, after not giving the previous penalty?
He will most likely give the next penalty
What is gambler`s fallacy?
The belief that the odds of a chance event increase if the event hasn`t occured recently
Gambler`s fallacy can be used for good desicion making in investments
When rolling a dice 5 times and the 2 shows up three times, the chance for another 2 is bigger.
after a serie of losses, there is always a winning streak
Maximiers are...
less satisfied with consumer decisions and have a tendency to engage in social comparisons.
What is hedonic framing?
Hedonic framing refers to how people try to maximise psychological pleasure and minimise pain (regret) when faced with decisions relating to gains and losses. This means that two individual gains are more valuable than one larger gain of the same value
What is status quo bias?
Favoring current option (status quo) to avoid losses that might occur when changing the status quo. Often comes from loss aversion
What could be a potential marketing strategy to persuade consumers who tend to have a status quo bias?
Payback guarantee
How many phenomena does the Prospect thery explain ?
Name the three principles in the Prospect theory.
- Reference Point
- Deacreasing sensitivity
- Loss aversion
Name the 4 impliciations of hedonic framing from the Prospect theory.
- Segregate gains
- Integrate losses
- Integrate smaller loss with larger gains
- Segregate small gains from larger losses
What leads to status quo bias?
Loss is weighted more heavily than the equivalent amount of gain
Hedonic framing refers to how people try to maximise psychological pleasure and minimise pain (regret) when faced with decisions relating to gains and losses.
Hedonic framing refers to how businesses try to maximise gains and minimise losses.
Following the principle of hedonic framing two separate losses will be perceived to be less painful if combined into a single, larger loss.
Following the principle of hedonic framing two individual gains are perceived as
