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10 Cards in this Set
- Front
- Back
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As it relates to cognition, what is Zipf’s Principle of Least Effort? Give examples.
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“Least effort” also occurs when frequently used words are shorter in length than infrequently used words, and thus, we use them more frequently when reading, writing, and speaking (e.g., sync, auto, plane, etc.)
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In terms of decision strategies, what is optimizing?
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decision strategy has as its goal the selection of the alternative that has the highest potential payoff; it is best used for those problems that can be modeled mathematically with a low degree of estimated risk
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In terms of decision strategies, what is satisfying?
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Satisficing strategy- is a short cut that focuses on identifying a solution that is acceptable or meets some minimal set of requirements rather than one that maximizes the outcome
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What is the paradox of choice?
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Giving people too many choices tends to lessen their satisfaction.
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What is the anchoring-and-adjustment heuristic? Examples
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We sometimes rely too heavily, or "anchor," on one piece of information when making decisions or estimates – especially numbers
Once that anchor is set, there is a bias toward that value Ex: When we see that the gas price for regular gas is 4.41 and that the premium is 4.62 we think that we are getting a better deal, also when we see a 2 for 20 we think that we are getting a deal when it really isn’t. |
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What is Representativeness heuristic? Examples
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A mental shortcut where by people classify something according to ho similar it is to a “typical” case or category.
i.e. how similar is A to B • If I meet someone with a laid back attitude and long hair, I might assume they are Californian, whereas someone who is very polite but rigid may be assumed to be English. • People will often assume that a random sequence in a lottery is more likely than a arithmetic sequence of numbers. • If I meet three people from a company and they are all aggressive, I will assume that the company has an aggressive culture and that most other people from that firm will also be aggressive. • Pro beach volleyball player • Fraternity member • 1995 Oklahoma City bombing |
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What is Availability heuristic? Examples
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A mental rule of thumb whereby people base a judgement on the ease with which it comes to mind – often linked to what we recently read in a book, watched on TV, heard on the radio; our familiarity with someone or something, etc.
After seeing many news stories of home foreclosures, people may judge that the likelihood of this event is greater. This may be true because it is easier to think of examples of this event. People who read more case studies of successful businesses may judge the probability of running a successful business to be greater. |
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What is an elastic good or service? As their price increases dramatically, economic principles would dictate that demand for such goods and services would most likely do what?
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• An elastic good or service are luxuries
• As their price increases there demand decrease |
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What is an inelastic good or service? Give examples.
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• An inelastic good or services are necessities.
• The show small declines in demand with increases in price • Examples: toothpaste, specific beverage |
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In one study on the “economics” of university attendance, what factors contributed toward whether or not students would return to their university the following semester?
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• Reward value
• Value of alternatives • Investment size |
