Exam 1 Flashcards
What would have happened otherwise?
Counterfactuals
A condition that does not involve exposure to the treatment or intervention under study.
Control Conditions
Can we reasonably draw conclusions from this study?
Internal Validity
Can we draw conclusions about settings different from those of the experiment?
External Validity
Does your experiment represent the ”real world” situation you are trying
to inform?
Ecological Validity
Is there more than one thing differing across your conditions?
Confounds
Are you recruiting a representative sample from your population of interest?
(WEIRD)
Selection Bias
The extent to which a stimulus stands out.
Salience
Motivated attention. How much
does the consumer care about the stimuli at hand?
Involvement
What people associate with our brand or product.
Schemas
Consumers’ knowledge of marketing
tactics and the strategies they use to defend themselves.
Persuasion Knowledge
We have feelings towards a stimulus that are not tired to another stimulus
Incidental Affect
The way we feel about something that is being presented to us
Integral Affect
Holding information for a brief period of time for judgments and decisions.
Working Memory
Memories we hold onto for brief periods of time.
Short-Term Memory
”Sticky” memories that we hold onto for longer periods of time.
Long Term Memory
The process of converting incoming information to into a storable, memorable form.
Encoding
Creating an association between two stimuli.
Classical Conditioning
Creating an association between a behavior and an outcome.
Operant Conditioning
The experienced ease of processing a set of information.
Processing fluency
Stimuli which trigger or aid in the retrieval of memories
Cues
Aspects of a product which are pleasant and fun. They are enjoyable,
and can even make you feel guilty.
Hedonic
Aspects of a product which are useful and practical. These aspects
don’t make you feel pleasure or guilt.
Utilitarian
CREDIBLE information that can
inform consumers of the otherwise unobservable true nature of a product. “Show it, don’t tell it”
Signal
Lining up your messaging with a consumer’s current regulatory focus (referred to as “regulatory fit”) can be highly persuasive.
Regulatory Focus Theory
Theory that when people are interpreting messages, they will
engage in different depths of processing: High or low elaboration.
Elaboration Likelihood Model
Tied to high elaboration, Relying more on deep thought and consideration.
Central route
Tied to low elaboration, Relying more on cues and associations.
Peripheral route
Similar to SCT, but tends to be more
oriented around how to “act” rather than how to “be.” Involved people looking to others to infer the ”correct” behavior.
Social Proof
Idea that the judgments of a group are often better than the judgments of one expert.
Wisdom of the Crowd
The tendency to believe more easily retrieved (available) examples are more likely or important.
Availability Heuristic
People judge the likelihood of an event by considering its resemblance to existing prototypes and stereotypes.
Representativeness Heuristic
People will “______” their judgments on reference points, which can even be arbitrary.
Anchor
They then insufficiently ____ from these anchors when constructing their judgments.
Adjust
Holding actual information constant, presentation choices can impact judgments and choices:
Option #1: “The surgery has a 90% survival rate”
Option #2: “The surgery has a 10% mortality rate”
Framing
People tend to overestimate their own knowledge and capabilities.
Overconfidence
Losses feel worse than an equivalent gain feels good.
Loss Aversion
WTA > WTP
Put differently, we place a higher value on something just by virtue of owning it.
Endowment Effect
What is the absolute highest amount you would be willing to pay for a product?
WTP
What is the absolute lowest amount you would be to sell a product for?
WTA
Events of unknown outcomes for
which we can assign numerical probabilities.
Knightian Risk
Events of unknown outcomes for which we cannot assign numerical
probabilities.
Knightian Uncertainty
A preference for situations defined by
Knightian risk over Knightian uncertainty.
Uncertainty Aversion
Uncertainty which comes from a lack of knowledge around a process.
Epistemic Uncertainty
Uncertainty which comes from a process’ inherent randomness, i.e., it cannot be reduced through information search.
Aleatory uncertainty
The tendency to prefer a less risky option, even if the riskier one has an equal (or sometimes higher) expected value.
Risk aversion
Research has found that we engage in greater risk-taking when we are in a “___” state
Hot
When a consumer places a lower value on a positive outcome the later they will receive it.
Intertemporal Discounting
Our ability to resist costly, but immediately-gratifying choices.
Self-Control
These are mechanisms through
which you hinder your ability to
make “bad” decisions.
Precommitment mechanisms
A theory used to explain how something can feel psychologically close (low-level construal) versus psychologically distant (high-level construal)
Construal Level
An optimism bias in how little time it will take to complete a task
Planning Fallacy
Delaying positive outcomes to enjoy the wait.
Savoring
Expediting negative outcomes to avoid the painful wait.
Dread
Generally refers to strategic choice architecture which guides a decision maker towards a particular choice, while leaving them technically free to choose otherwise, gentle and subtle.
Nudges
Making an option the ______ can be an extremely powerful ”nudge.
Default
We talked about how a good strategy for overcoming _____ ______ is organization, and giving consumers partitioned options.
Choice Overload
External barriers to a given action, usually, but not necessarily subtle.
Friction
