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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
Q

Myopic-Misery Hypothesis

A

Sadness increases impatience - only want immediate gratification (not delayed gratification)

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26
Q

Pre-commitment

A

Locking future you into decision, now - you remove temptations from future you

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27
Q

Pre-commitment

A

Locking future you into decision, now - you remove temptations from future you

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28
Q

Planning fallacy

A

Believing confidently that one’s own project will proceed exactly as planned - rose image we have of the process

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29
Q

Present bias (Planning fallacy)

A

Discounting potential hiccups (because they are in the future)

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30
Q

Inside view

A

Neglecting statistics of similar projects, ignoring any learned lessons

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31
Q

Outside view

A

Basing your predictions on knowledge about outcomes in similar past projects - looking for similarities instead of focussing on unique features

32
Q

Commitment devices (name 2 characteristics)

A
  1. People voluntarily elect to use them

2. They associate consequences with people’s failures to achieve their goals (can be mentally painful)

33
Q

Mental accounting

A

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
Q

Mental barriers

A

Used to control spending money, we may feel committed to a certain designation once it is separated

35
Q

Pain of paying

A

Effect of being loss averse - we spend more money with creditcard than in cash

36
Q

Simultaneous borrowing and saving (pain of paying)

A

Mental accounting + pain of paying = aversion to using savings to pay of debt (for example)

37
Q

Decoupling payment and purchase

A

Creating a time distance between (cash) payment and purchase (pre- or postpayment)

38
Q

Self-enhance

A

Desire to have a positive self-concept, makes people disregard negative feedback - leads to unrealistically positive self-assessment

39
Q

Psychological motives

A

Can bias our perceptions and compromise our ability to make objective, informed decisions

40
Q

Moral do-gooder derogation

A

Moral do-gooders elicit downward social comparisons - hun gedrag leidt ertoe dat ze door anderen als negatief worden ervaren

41
Q

Defensive processing

A

Discrediting other who make us feel bad

42
Q

Self-concept maintenance

A

Cheating a little, but not beyond the point where the (honest) self-concept would be compromised

43
Q

Motivated reasoning

A

People (try to) arrive at the conclusion that they want to arrive at, not per se the correct conclusion

44
Q

Biased search of information (motivated reasoning)

A

Find information that matches with the motivation (conclusion)

45
Q

Biased assimilation of information

A

Discrediting information that goes against our motivation (conclusion)

46
Q

Victim derogation

A

Blaming the victim because people don’t want to believe the world is that unfair

47
Q

Climate change skepticism

A

Competes with the thought that the world is all happy and good and doesn’t threaten off-spring

48
Q

Reciprocity

A

Fairness, retourning favors

49
Q

Empathy

A

Compassion, ability to understand and share feelings of another

50
Q

Directional goals

A

The need for specific conclusions or structures

51
Q

Counter-attitudinal advocacy

A

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
Q

Malleability

A

How far a certain behavior can be shaped in something else, depends on context

53
Q

Inherent limit

A

‘Stretching’ the truth

54
Q

Conformity

A

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
Q

Informational social influence

A

Following others because you think they are right (accuracy) - learning

56
Q

Normative social influence

A

Following others to be liked (affiliation) - conforming

57
Q

Global norm

A

The general norm (e.g. in this hotel)

58
Q

Local norm

A

Making a norm more (place) specific (e.g. in this exact hotel room)

59
Q

Dynamic norm

A

Conforming to the norm of a future majority (e.g. more and more people try this new cola brand)

60
Q

Group-think (liability of conformity)

A

Motive to be liked can jeopardize quality of our decisions when we decide as a group

61
Q

Pluralistic ignorance (liability of conformity)

A

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
Q

“Bad” norms

A

Norms that are counter-productive (e.g. ‘bad’ songs getting in the no. 1 spot on spotify chart)

63
Q

Conscious mind (rider)

A

Afterwards rationalizing and justifying our intuitive/subconscious decisions

64
Q

Motivated cognition

A

The way people process information can be biased (they are already of a certain opinion) - rational arguments won’t work

65
Q

Change architecture (change behaviour)

A

Changing behavior by altering the context in which choices are made (used to affect ‘inner elephant’) - done with nudges

66
Q

Nudge

A

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
Q

Norm

A

Can act as a ‘magnet’ - people tend to lean towards (what they think) is the norm

68
Q

Boomerang effect

A

Promoting behavior that you wanted to avoid - e.g. people actually acted ‘better’ than the norm; now they lower their quality of performance

69
Q

Perceived norm

A

What we think the average person is doing (policy makers can influence these norm perceptions)

70
Q

Fundamental attribution error

A

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
Q

Social proof nudge

A

Informing people of the actual true norm (fixes pluralistic ignorance)

72
Q

Changing the default option (status quo bias)

A

Desired choice becomes reference point (fixes pluralistic ignorance)

73
Q

Appeal to the self-image

A

Try to make people feel good about themselves

  • remind people they possess desirable traits
  • remind people they want to see themselves as consistent
74
Q

A wise intervention (Walton, 2014)

A

First figuring out what the underlying psychological problem is, otherwise intervention can backfire (boomerang effect)

75
Q

Goal-gradient effect

A

The closer one gets to his or her goal, the faster he or she moves towards it

76
Q

Illusion of progress

A

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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