Concepts lecture 3 Flashcards
Wha are indicators of successful decision making?
making decisions that are: long-term oriented, regret-minimizing and contributing to subjective wellbeing
Name the 4 different assets for engaging in a healthy economic lifestyle
- Intelligence/cognitive skills: having clear knowledge of understanding the different options
- Skills to use/regulate emotional information: don’t let emotions like joy or anger lead your decision-making
- Skills contributing to self-control: is related to making good (long-term, regret-minimizing) choices
- Skills to test or realistically imagine possible options: being able to hypothesize
Explain: operation (used in Piaget’s stage model)
a mental routine for transforming information in a logical manner or reason in an abstract way
Name the 4 stages in Piaget’s stage model + what is the model used for?
Piaget’s stage model is used to explain how we develop cognitive skills over time.
- Sensorimotor stage (0-2): use of senses to form perceptions
- Preoperational stage (2-7): use of language to understand the symbolic meaning of things (egocentric perspective)
- Concrete operational stage (7-11): use of inductive reasoning and generalization to form somewhat logical/concrete understanding (but lot of errors; everyone with a job earns a lot of money)
- Formal operational stage (11-adult): generalization and hypothetical thinking skills + deductive reasoning
Explain: inter-temporal choice + necessities to be able to make such kind of choices
The choice between something sooner and smaller or something larger and later.
In order to be able to make an inter-temporal choice one needs to have the representation of future consequences, to understand this language development is necessary as it ables one to grammatically separate the future and the present. Self-control (which can be tested with the marshmallow test) is also important.
which 3 traits are deemed necessary to be able to make any kind of transaction (negotiation, agreement etc.)?
- Concept of equal parts (cognitive development of conservation) –> conservation of quantity
- Ability to understand others’ minds (perspectives, beliefs and values) –> theory of mind
- Ability to utilize emotional information of others (signs of (un)fairness, trust etc.)
Explain: conservation of quantity + what happens when one doesn’t comprehend this concept
Conservation of quantity = the nature of a given object no matter its shape.
Child doesn’t understand conservation of quantity (only has a general understanding of the physical world). Therefore, when you change an objects shape or form, a child will say the object contains more/less even though nothing besides the object’s shape changed.
Explain: theory of mind
The ability to understand someone else’s mind separate of your own (example is the Sally-Anne problem)
How do the behaviours of children differ from behaviours of adults in the Ultimatum game paradigm? what does this imply?
5yo behaved more selfishly compared to adults as fair/generous offers were quite uncommon + 5yo made more ‘zero offers’. This implies that 5yo have a rough sense of fairness (concept of conservation) as they can make judgements of what’s (un)fair to some extend. They don’t have the fine grained sense of relative outcome disparities/relative fairness that adults have, therefore they can’t define wether an offer is fair or not.
Older people are also much more sensitive to unfairness than younger people (as they reject unfair offers like $3 - $7 more often
Explain: emotional regulation + examples in different life phases
the ability to evaluate and modify (regulate) our own emotional reactions.
Examples:
baby sucking their thumb, child cloning to their parents and after language acquisition the use of appraisals (= reinterpreting a situation by talking to a friend)
Explain: emotional regulation + examples in different life phases
the ability to evaluate and modify (regulate) our own emotional reactions.
Examples:
baby sucking their thumb, child clinging to their parent/doll and after language acquisition the use of appraisals (= reinterpreting a situation by talking to a friend)
Explain: Eriksonn’s theory
Trust is an important thing that needs to be established in the first year of life (hope’s the basic virtue of an infant). There are different attachment styles based on trustworthiness of the caretaker (secure, insecure and ambivalent) that can predict consequences later in life. E.g. children with a secure attachment style have higher self-esteem, stronger romantic relations, are more independent and experience less depression/anxiety.
Explain: cognitive and emotional intelligence + their influence on financial succes
Cognitive intelligence = abstract thinking, can be measure with IQ test. Different IQ-groups end up in different socio-economic positions.
Emotional intelligence = the ability to identify, express, understand, manage and use emotions. Higher emotional intelligence predict 1. better psychological & physical health, 2. better work-related outcomes, 3. higher academic achievements
Explain: personality & the big five
Personality = a set of behavioural, emotional and cognitive tendencies that people display over time and across situations and that distinguishes individuals from one another (difference between traits, states & situations).
Big 5:
Agreeableness, Conscientiousness, Extraversion, Emotional stability & Openness to experience
Agreeableness & conscientiousness relate to higher career/job success, evidence on other traits is mixed
Personality is malleable and trait-strength can change over time, twin studies show that personality is about 50/50 nature - nurture.
What kind of relation between trust and age can be seen + what does this predict?
The older one gets, the more they trust others and the more trustworthy they become (is a linear relationship). Trust predicts future happiness (in 2 years), however, happiness doesn’t predict future trust.
