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Behavioural Decision Making > Terminology > Flashcards

Terminology Flashcards

1
Q

Classical economist

A

Rational decision maker (homo economicus, the economic man)

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2
Q

Expected value

A

Probability * value

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3
Q

Risk aversive

A

Preferring something that is sure over something that is uncertain

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4
Q

Loss aversive

A

Being more attentive to loses than to gains

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5
Q

Diminished sensitivity

A

You become immune to pain of losses or joy of gains after a while

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6
Q

Correlational data (relationship)

A

Two variable that are related to each other with a common factor - but you can’t conclude there is a casual relationship between the two (that one causes the other)

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7
Q

Money-market

A

Effort will increase when money increases

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8
Q

Monetary incentive

A

A reward in the form of money

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9
Q

Social-market

A

Effort stays the same, independent to payment level (e.g. a good cause)

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10
Q

Gain frame

A

Question is framed such that people feel they are gaining something - people become risk averse

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11
Q

Loss frame

A

People become risk seeking because they are loss aversive

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12
Q

System 1

A

Homer - impuls - fast way of thinking - default

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13
Q

System 2

A

Slow & analytical - reason dominates - driven by logic - costs time and effort - prone to decision fatigue

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14
Q

Decision fatigue

A

Deteriorating quality of decisions made after a long session of decision making - leads to increasing tendency to rule in favor of status quo

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15
Q

Cognitive misers

A

States that humans have limited cognitive resources

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16
Q

Heuristics

A

Mental shortcuts to simplify decision - lead to cognitive biases

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17
Q

(Cognitive) bias

A

Systematic error in thinking or judgement and oversimplifying decisions (System 1)

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18
Q

Door-in-the-face technique (anchoring and adjustment heuristic)

A

When you make a second ‘lower’ offer compared to the ‘bigger’ original offer (which you knew would be rejected) - people are more likely to accept the second offer

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19
Q

Intertemporal Choice

A

Describes how current decisions affects what options become available in the future - feature of delayed gratification

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20
Q

Delayed gratification

A

Process where a person resists temptation of an immediate reward in preference for a later reward

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21
Q

Future self-continuity

A

Perception of one’s present self as continuous with a future self - do I feel I am connected to my future self or not?

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22
Q

Behavioral Awarding System (BAS)

A

Extent to which people are sensitive when exposed to rewarding cues or stimuli - the higher, the more impatient

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23
Q

Steeper delay discounting

A

You show higher impatience and are not able to delay gratification

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24
Q

Myopica

A

Narrow vision towards the present

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25
Myopic-Misery Hypothesis
Sadness increases impatience - only want immediate gratification (not delayed gratification)
26
Pre-commitment
Locking future you into decision, now - you remove temptations from future you
27
Pre-commitment
Locking future you into decision, now - you remove temptations from future you
28
Planning fallacy
Believing confidently that one's own project will proceed exactly as planned - rose image we have of the process
29
Present bias (Planning fallacy)
Discounting potential hiccups (because they are in the future)
30
Inside view
Neglecting statistics of similar projects, ignoring any learned lessons
31
Outside view
Basing your predictions on knowledge about outcomes in similar past projects - looking for similarities instead of focussing on unique features
32
Commitment devices (name 2 characteristics)
1. People voluntarily elect to use them | 2. They associate consequences with people's failures to achieve their goals (can be mentally painful)
33
Mental accounting
Tendency to treat the same thing (money) differently depending on: 1. Where it came from 2. What we intend to do with it Helps us budget and have self-control
34
Mental barriers
Used to control spending money, we may feel committed to a certain designation once it is separated
35
Pain of paying
Effect of being loss averse - we spend more money with creditcard than in cash
36
Simultaneous borrowing and saving (pain of paying)
Mental accounting + pain of paying = aversion to using savings to pay of debt (for example)
37
Decoupling payment and purchase
Creating a time distance between (cash) payment and purchase (pre- or postpayment)
38
Self-enhance
Desire to have a positive self-concept, makes people disregard negative feedback - leads to unrealistically positive self-assessment
39
Psychological motives
Can bias our perceptions and compromise our ability to make objective, informed decisions
40
Moral do-gooder derogation
Moral do-gooders elicit downward social comparisons - hun gedrag leidt ertoe dat ze door anderen als negatief worden ervaren
41
Defensive processing
Discrediting other who make us feel bad
42
Self-concept maintenance
Cheating a little, but not beyond the point where the (honest) self-concept would be compromised
43
Motivated reasoning
People (try to) arrive at the conclusion that they want to arrive at, not per se the correct conclusion
44
Biased search of information (motivated reasoning)
Find information that matches with the motivation (conclusion)
45
Biased assimilation of information
Discrediting information that goes against our motivation (conclusion)
46
Victim derogation
Blaming the victim because people don't want to believe the world is that unfair
47
Climate change skepticism
Competes with the thought that the world is all happy and good and doesn't threaten off-spring
48
Reciprocity
Fairness, retourning favors
49
Empathy
Compassion, ability to understand and share feelings of another
50
Directional goals
The need for specific conclusions or structures
51
Counter-attitudinal advocacy
Process where public stating a belief which runs counter to a belief that the individual holds, can result in the individual changing his or her original belief, so that it fits with his or her statement
52
Malleability
How far a certain behavior can be shaped in something else, depends on context
53
Inherent limit
'Stretching' the truth
54
Conformity
Conscious decision to conform to the norm (e.g. giving the same 'wrong' answer as your peers), despite your own preferences - cause by social discomfort
55
Informational social influence
Following others because you think they are right (accuracy) - learning
56
Normative social influence
Following others to be liked (affiliation) - conforming
57
Global norm
The general norm (e.g. in this hotel)
58
Local norm
Making a norm more (place) specific (e.g. in this exact hotel room)
59
Dynamic norm
Conforming to the norm of a future majority (e.g. more and more people try this new cola brand)
60
Group-think (liability of conformity)
Motive to be liked can jeopardize quality of our decisions when we decide as a group
61
Pluralistic ignorance (liability of conformity)
Conforming to a mis-perceived norm (what you think is the actual norm) - you over- or underestimate the average (can be caused by availability heuristic)
62
"Bad" norms
Norms that are counter-productive (e.g. 'bad' songs getting in the no. 1 spot on spotify chart)
63
Conscious mind (rider)
Afterwards rationalizing and justifying our intuitive/subconscious decisions
64
Motivated cognition
The way people process information can be biased (they are already of a certain opinion) - rational arguments won't work
65
Change architecture (change behaviour)
Changing behavior by altering the context in which choices are made (used to affect 'inner elephant') - done with nudges
66
Nudge
Alters behavior in a predictable way without forbidding any options or significantly changing their economic incentives (must be easy and cheap) - still allows people to make their own decisions and steers unconscious behavior (but doesn't always work effectively)
67
Norm
Can act as a 'magnet' - people tend to lean towards (what they think) is the norm
68
Boomerang effect
Promoting behavior that you wanted to avoid - e.g. people actually acted 'better' than the norm; now they lower their quality of performance
69
Perceived norm
What we think the average person is doing (policy makers can influence these norm perceptions)
70
Fundamental attribution error
Assuming people actually want to do the thing they are doing, instead of them doing it because of the environment (e.g. peer pressure)
71
Social proof nudge
Informing people of the actual true norm (fixes pluralistic ignorance)
72
Changing the default option (status quo bias)
Desired choice becomes reference point (fixes pluralistic ignorance)
73
Appeal to the self-image
Try to make people feel good about themselves - remind people they possess desirable traits - remind people they want to see themselves as consistent
74
A wise intervention (Walton, 2014)
First figuring out what the underlying psychological problem is, otherwise intervention can backfire (boomerang effect)
75
Goal-gradient effect
The closer one gets to his or her goal, the faster he or she moves towards it
76
Illusion of progress
Feeling like you have already made some progress, so you accelerate your behavior as you progress closer to your goal (like already having 2 stamps on your card)

Behavioural Decision Making (2 decks)

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