Chap 4 Flashcards
What is Risk Aversion?
In decision making, the greater weight given to possible losses than possible gains
What is Temporal Discounting?
In decision making, the greater weight given to the present over the future
What is certainty effect/
In decision making, the greater weight given to the definite outcomes than to probabilities
What is Keeping options open?
people [refer to postpone hard decisions and keep their options open as long as possible.
What is error manageent theory?
the idea that both men and women seek to minimize the most costly type of error, but that men’s and women’s goals and hence, worst errors, differ.
What is Status quo Bias?
The perference to keep things the way they are rather than change
What is Omission bias?
The tendency to take whatever course of action does not require you to do anything(also called default option)
What is Reacxtence theory?
The idea that people are distressed by loss of freedom or options and seek to reclaim them.
What are the three rections to reactance theory?
- makes option seem more atteractive
- you may try to reclaim the forbidden option
- you may act agressively to the person who has restricted the option from you
What is an entity theorists?
those who believe tat traits are fixed, stable things and people should not be expected to change
What are incremential theorists?
Those who believe that traits are subject to change and improvement.
What is learned helplessness?
belief that one’s desires will not bruing about desired outcomes, leading one to give up and stop trying
What is self-determination theory?
The theory that people need to feel some degree of autonomy and internal motivation
What is Panic button effect?
A reduction in stress or suffering due to a belief that one has the option of escaping or controlling the situation, even if one doesn’t exercise it
What is a goal?
An idea of some desired future state