Lesson 2 Flashcards

1
Q

Developmental Paragigm

A
  • Humans progress in predictable stages over time, and issues stem from events that halted progression
  • Counselors goal is to recount past experience and correct
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2
Q

Developmental Paradigm (Nature of Relationship)

A
  • Moderately directive
  • Alliance between client and counselor is important
  • Goal is to help resolve gaps not solved for in earlier stages of development
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3
Q

Developmental Paradigm (Emphasis of Treatment/Prominent Theme)

A
  • Healthy development
  • Focus on past experiences and how they relate to present difficulties
  • Resolution of Conflict
  • Achieve understanding and self awareness
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4
Q

Developmental Paradigm (Skills to be used)

A
  • Active listening
  • Client Observation
  • Paraphrasing
  • Feeling reflection
  • Reflection of meaning
  • Supportive Challenging
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5
Q

Humanistic Paradigm

A
  • Congruence between thoughts, feelings, and emotions
  • Congruence obtained by focusing on the here and now
  • Counselor feels the client knows the answer, goal is to help them express it
  • Emphasizes personal responsibility
  • Requires close relationship
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6
Q

Humanistic Paradigm ( Nature of Relationship)

A
  • Varies from nondirective (person centered existential) to highly directive
  • Alliance is VERY important and aides treatment
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7
Q

Humanistic Paradigm (Emphasis in Treatment)

A
  • Experiencing present moment
  • Accepting personal responsibility
  • Emphasize freedom of choice
  • Fully in touch with ones self
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8
Q

Humanistic Paradigm (Skills to be used)

A
  • Active listening
  • Client observation
  • Feeling reflection
  • Reflection of meaning
  • Supportive challenging
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9
Q

Cognitive-Behavioral Paradigm

A
  • Pavlov’s Dog
  • Reinforcement (or lack of) drives behavior
  • Self-talk is driver of action
  • Goal is to manipulate reinforcements through intervention
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10
Q

Cognitive-Behavioral Paradigm (Nature of relationship)

A
  • highly directive

- Alliance only important to help client feel engaged and willing to participate

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11
Q

Cognitive-Behavioral Paradigm (Emphasis on Treatment)

A
  • Identification of behavioral excess and inadequacies
  • Identification of reinforcers
  • Manipulation of reinforcers to change thoughts and behavior
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12
Q

Cognitive-Behavioral Paradigm (Skills to be used)

A
  • Questioning
  • Reflection of meaning
  • supportive challenging
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13
Q

Human Communication

A
  • Words and gestures (verbal and non-verbal)
  • Context is important
  • Can be used to manipulate or conceal
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14
Q

Non-Verbal Communication

A
  • Body language (position and movement)

- Can be incongruent with verbal (speak up if this happens)

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15
Q

Passive Listening

A
  • Easily distracted

- Could be thinking about day, how to respond, other items

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16
Q

Active Listening

A
  • Undivided attention
  • Observing body language
  • Provide positive responses to illicit more from the speaker
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17
Q

Open Questions

A
  • Solicits a lengthy response
  • Begins with Who, What, Where, When, Why, and How
  • Be weary of “Why” as it can be non-productive and aggressive
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18
Q

Closed Questions

A
  • Single word response
  • Used to help clarify or obtain specific information
  • Could be referred to as leading questions
19
Q

Clarifying Client Statements

A
  • Paraphrasing
  • Used to confirm and align understanding
  • Utilized to bridge incongruence between verbal and non-verbal
  • Must be achieved before moving on in the conversation
20
Q

Client Data Collection

A
  • Need qualitative not just quantitative
  • includes values, expectations, attitudes, and time horizon
  • not Net Worth, but Self Worth
21
Q

Traditional Finance

A
  • “Modern Portfolio Theory”
  • developed in 50’s and 60’s
  • Believed, 1) Investors are rational, 2) Markets are efficient, 3) Mean Variance Theory Governs, 4) Returns are determined by Risk (Beta)
22
Q

Traditional Finance - Rational Investor

A
  • Prefers more wealth over less

- Never confused by form of wealth (i.e. Dividend over Stock Sale

23
Q

Traditional Finance - Efficient Market

A
  • Stock price reflects relevant data
  • No mispricings
  • Impossible to “beat” market
24
Q

Traditional Finance - Mean Variance Theory Governs

A
  • Evaluation of stock based on mean value with some variances
  • Expected return vs actual return
25
Traditional Finance - Risk Yields Return
- More risk = greater return | - CAPM Risk Formula
26
Behavioral Finance
- Some truth in Traditional Finance - Adds sociological and phycological elements - Not everyone is the same, and has different drivers and experience - People make mistakes - 1) people are "normal", 2) Markets aren't efficient, 3) Behavioral Portfolio Theory governs, 4) Risk does not equal returns
27
Behavioral Finance - Investors are "Normal"
- Not rational - have coginitive errors - emotional
28
Behavioral Finance - Markets aren't efficient
- stock price does not equal fundamental value - Can buy at discount and sell at a premium - Market consists of "Normal" investors
29
Behavioral Finance - Behavioral Portfolio Theory governs
- bucketing approach to investing - time horizons for different assets - less risk short term, more risk long term - buy lottery ticket AND insurance policy
30
Behavioral Finance - Risk not equal to return
- Return is not solely based on the risk taken
31
Heuristic
- Rule of thumb | - inherent bias based on experience
32
Affect Heuristic
- Subconscious decisions - good vs bad - immediate opinion
33
Availability Heuristic
- Use information already known - Don't research - causes outdated or uninformed decisions
34
Similarity Heuristic
- association with past events | - the past will repeat itself
35
Types of cognitive bias
- Anchoring - Confirmation Bias - Gambler's Fallacy - Herding - Hindsight Bias - Over Confidence - Overreaction - Prospect Theory
36
Cognitive Bias - Anchoring
- attaching to a reference point or experience even if not correlated to make a decision - desire to adhere to security - causes quick decisions when more research should be done
37
Cognitive Bias - Confirmation Bias
- Focus on information that supports your thinking | - ignoring facts to create an incomplete picture
38
Cognitive Bias - Gambler's Fallacy
- A coin is more likely to land on tails after landing on heads - not based on factual probability
39
Cognitive Bias - Herding
- Follow the masses - Desire to conform - creates overvaluation
40
Cognitive Bias - Hindsight Bias
- Looking at past facts and experience - trying to predict the future with past informaiton - belief that past events were "obvious" in looking back at them
41
Cognitive Bias - Overconfidence
- reliance solely on one self
42
Cognitive Bias - Overreaction
- Allowing new information to overly drive decisions | - greatly impacted by recent news/events
43
Cognitive Bias - Prospect Theory
- If same outcome people will choose to get their through a gain as opposed to a loss - Focus on gains over losses