Two Systems

Question 1

describe system 1

Answer 1

automatic system, rapid and feels instinctive

Question 2

describe system 2

Answer 2

reflective system, deliberate and self-conscious

Question 3

Anchoring

Answer 3

you start with some anchor, and adjust in the direction you think is appropriate

Question 4

Availability

Answer 4

The fact that frequency/probability is judged by the ease with which people can think of instances

Question 5

Representativeness

Answer 5

The idea is that when asked to judge how likely it is that A belongs to category B, people answer by asking themselves how similar A is to their image or stereotype of B

Question 6

NUDGE

Answer 6

non-complex choice structure
understand mappings
defaults
give feedback
expect error
salient incentives

Question 7

liberatarian

Answer 7

people should be free to do what they like

Question 8

paternalism

Answer 8

It is legitimate for choice architects to try to influence people’s behaviour in order to make their lives longer, healthier and better.

Question 9

default

Answer 9

A default option is the option an individual automatically receives if he/she does nothing.

Question 10

bounded rationality

Answer 10

In large worlds in which it is impossible to know everything humans have to make use of mental shortcuts such as heuristics, in order to engage with the world around them.

Question 11

description of econs and humans.

Answer 11

An Econ is a person that thinks according to the homo-economicus principle. This person has access to all the relevant information and is not influenced by personal emotions or frustrations, always using system 2 thinking. Therefore, they can make an informed decision about the situation at hand.
A Human is based on the homo-sociologicus principle. This person is more compatible with a realistic view of human behaviour.