H7

Question 1

Hedonische meting

Answer 1

Het najagen van plezier en het vermijden van pijn verklaart al het menselijk gedrag; de hoeveelheid plezier die het zou veroorzaken, minus de hoeveelheid pijn die het zou veroorzaken

Question 2

Ordinal utility

Answer 2

I like object A better than B so A has a higher utility

> Gebasseerd op rangopties > makkelijker te meten

Question 3

Cardinal utility

Answer 3

Is based on ranking options on a utility-scale (you give a score for each option)

Question 4

Subjectively expected utility

Answer 4

Stelt dat de kosten en baten van opties worden vermenigvuldigd met de gepercipieerde kans dat ze zich voordoen en dat de optie met de beste balans wordt gekozen

Question 5

Prospect theory

Answer 5

According to this theory, losses are more painful than benefits are pleasant

Question 6

Negative framing

Answer 6

People are more willing to accept risk in order to avoid a loss or a gain

Question 7

Money illusion

Answer 7

Mensen houden ervan om de lonen te verhogen, zelfs als de stijging kleiner is dan de inflatie

Question 8

Welfare function of income

Answer 8

This is an example of reference; people often attribute to themselves a higher level of income than they actually earn. After an increase in income, people adjust themselves to the higher income and thus develop a new reference point

Question 9

Preference shift

Answer 9

People adjust their consumption level to the new reference point created

Question 10

Sociale reference/comparison

Answer 10

Satisfaction with income also depends on the income and consumption of other people

Question 11

Reference shift

Answer 11

Meer verdienen > duurder huis > maar dus ook duurdere wijk, dit kan leiden tot minder voldoening dan verwacht, vanwege een verschuiving in de reference shift

Question 12

Ultimatum game

Answer 12

According to the economic theory, you would ive the other very little and the other would accept it because ‘iets is beter dan niks’ > echter blijkt dat de meeste mensen het bedrag splitten

Question 13

Situation reference

Answer 13

People compare the setting of prices and wages and evaluate these cases on the basis of fairness

Question 14

Entitlement

Answer 14

Consumers have the right to the terms of reference transactions using historical market prices and booked prices. Consumers apply previous prices to make an assessment of the current transaction

Question 15

Loss aversion

Answer 15

Het lijkt de basismotivatie van mensen te zijn. Het is een van de kenmerken van de prospecttheorie; verliezen van dezelfde omvang als winsten met meer gewicht

Question 16

Disposition effect

Answer 16

Investors do not sell because they do not want a loss, they rather sell so that they make a small profit which is better than a huge loss

Question 17

Mental account

Answer 17

Our tendency to mentally sort our funds into separate “accounts,” which affects the way we think about our spending.

Question 18

Hedonic framing

Answer 18

De neiging van individuen om waarde voor zichzelf en anderen te vergroten door kosten en baten te integreren en te scheiden

Question 19

Segregation

Answer 19

The person does have time to adjust the reference point

Question 20

What are the 4 cases of hedonic framing?

Answer 20

1. Integratie van kosten
2. Integratie van een klein verlies met een grote winst
3. Afzondering van wisten
4. Afzondering van een kleine winst, van een groot verlies

Question 21

Endowment effect

Answer 21

The effect of keeping what you have

Question 22

Sunk-costs

Answer 22

People invest more because they have the highest sunk costs and are therefore less likely to give up

Question 23

Sign effect

Answer 23

Profits are discounted more than losses. People want more compensation for delaying a gain than they want to pay for delaying a loss

Question 24

Magnitude effect

Answer 24

Kleine hoeveelheden worden meer ontdekt dan grote hoeveelheden. Mensen willen relatief meer compensatie voor het uitstellen van een klein bedrag

Question 25

Delay-speedup asymmetry

Answer 25

People want more compensation for delaying a gain than they are willing to pay for accelerating it. People want more compensation for speeding up a loss than they are willing to pay for slowing it down

Question 26

Preference for improving sequences

Answer 26

People prefer constructive sequences with increasing utility to decaying sequences. In other words first the losses and then the gain