Psychology Flashcards
1
Q
Anchoring
A
Attached to specific price/fact
2
Q
Attachment
A
Held for emotional reasons
3
Q
Availability
A
Readily available, easy to recall, repeated
4
Q
Cognitive Dissonance
A
Contrary to actual beliefs
5
Q
Diversification errors
A
Evenly across all options
6
Q
Endowment
A
Held longer - better
7
Q
Familiarity
A
Bias to what you know
8
Q
Fear of Regret
A
take no action rather than wrong action
9
Q
Flat Rate
A
prefer fixed payments over variable
10
Q
Gambler’s fallacy
A
assign probablity to random events
11
Q
Hindsight bias
A
20/20 past vision, think we understand
12
Q
Outcome bias
A
judge merit soley on outcome (vs merit at time of decision)
13
Q
Persuasion/social influence
A
standing w/in group affects influence
14
Q
Representative
A
use stereotypes
15
Q
Salience
A
more meaning to vivid facts
