Exam 1 CB

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25 Terms

1
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Dominated Options

An inferior choice is introduced to make another choice seem more attractive.

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Default Option

Pre-set options that people tend to stick with, even when alternative choices exist.

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Framing

The presentation of information can lead to different decisions depending on how the information is conveyed.

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Positive vs Negative Framing

The same statistics can lead to different choices based on positive versus negative framing.

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Anchoring

Overreliance on early information can skew our perceptions and decisions.

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Herding

Decisions based on actions of others or our previous behavior, often leading to similar choices.

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Social Herding

Making choices based on crowd size and volume, which influences individual decisions.

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Self Herding

Making decisions based on our own prior choices that were deemed acceptable in the past.

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Zero Cost

Drives us to overvalue free things, often leading to irrational decision-making.

10
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Slow - System 2

Involves Directed Attention, requiring careful thought and consideration.

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Fast - System 1

Involves Quick Processing with little or no cognitive effort, leading to instinctual decisions.

12
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5 Step Model

Includes Recognize, Search, Evaluate, Decision, and Post-Decision analysis.

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Absolute Threshold

The lowest level of stimulation that can be detected by a sensory receptor.

14
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Differential Threshold

Ability to detect changes or differences between two stimuli (known as j.n.d., or just noticeable difference).

15
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Weber’s Law

States that the stronger the initial stimuli, the greater the change required to get subsequent changes noticed.

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Mere Exposure

Exposure at or right below the conscious level which directs thoughts, feelings, and behaviors towards familiar stimuli.

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Cognitive Ease

Refers to processing that occurs with minimal effort, leading to subjective ease in understanding.

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Perceptual Selection

We attend to only a small portion of what we are exposed to in our environment.

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Perceptual Vigilance

We are more likely to be aware of things that relate to our current needs and priorities.

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Involuntary Attention

Results from novel stimuli that capture our focus without conscious effort.

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Behavioral Learning

Occurs as a result of some external event influencing behavior and responses.

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Classical Conditioning

Involves pairing a stimulus that elicits a response with another stimulus that does not initially elicit a response.

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Backup Planners

Arose due to supply chain disruptions and stockouts, leading to flexibility and brand switching among consumers.

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Financial Aficionados

Individuals whose financial literacy and wealth consciousness have increased significantly.

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Self-love Seekers

A significant focus on DEI and self-acceptance has created new industries that cater to this demographic.