Stolen from economics- assumes we are logical and we make decisions to maximise gain and minimise loss
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What is the term to describe the fact that we try to lose the least amount as possible?
Loss Aversion
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What is the term to describe the fact that we think it is logical to repurchase something after losing it?
Sunk cost effect
3 of 32
What is the term used to describe the fact that we have an overly positive view of our own decision making performance?
Overconfidence
4 of 32
What is the Asian disease problem (Tversky & Kahneman, 1981)?
The problem is framed differently resulting in people favouring one option over the other but, the data is the same
5 of 32
What is prospect theory (Kahneman & Tversky, 1979, 1984)?
Humans are not logical, we make decisions based on emotion
6 of 32
Do people over or underestimate the value of gain and loss?
Overestimate
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What is the term for why people expect loss to reduce happiness more than gains of an equal amount would increase happiness?
Loss aversion
8 of 32
We see our future selves as different people, activation of the _ is evidence of this (Ersner-Hershfield et al, 2009)
Anterior cingulate cortex
9 of 32
What is the theory that states we use gut feelings as a reliable source?
Affect as information theory
10 of 32
What is omission bias? (parents vaccinating children studies- Brown et al, 2010; Wroe et al, 2005)
We have preference for inaction in risky situations
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Brain damage to what area removes loss aversion (Shiv et al, 2005)?
Amygdala
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Damage to what brain area results in riskier emotion based decisions (Domasio et al)?
Ventromedial PFC
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What difference do drug users show in decision making (Rogers)?
Riskier decisions
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What does reduced ACC response to decision making show?
More risky decision making
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Why do Parkinson's patients develop gambling problems/ impulsive behaviours?
Their medication- L dopa
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What is the advantage of recognition primed decision making?
Saves generating new decisions
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What is multiple attribute theory (Wright, 1984)?
Weight attributes to select best option
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What is elimination by aspects theory (Tversky, 1972)?
Eliminate options based on criteria until one remains
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What is the two stage processes model (Kaplan et al, 2011)?
A combination of multiple attribute theory and elimination by aspects
20 of 32
Who found that decisions were based on the amount of money available and what had happened earlier?
Post et al (2008)
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Who found evidence of sunk cost effect?
Dawes et al (1988)
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Who found evidence that loss aversion occurs because people expect losses to reduce happiness more than gains will increase happiness?
Kermer et al (2006)
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Who conducted an experiment on unaccounted arousal (seeing a criminal get punishment makes you more likely to decrease the punishment in an unrelated legal case)
Goldberg et al (1999)
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Who found that receiving a signal of trust from a stranger makes people feel more positive about them and leads to more oxytocin?
Zak et al (2004)
25 of 32
Which brain area is associated with anticipating awards (Dimoka et al, 2010, 2011)?
Caudate nucleus
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Which brain area is activated in relation to predicting behaviour (Dimoka et al, 2010, 2011)?
ACC
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Which brain area is activated in relation to vulnerability (willing to be vulnerable) (Dimoka et al, 2010,2011)?
Orbitofrontal cortex
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What brain area is associated with negative emotions (wariness, caution, anger, betrayal) (Dimoka et al, 2010, 2011)?
Amygdala
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Who conducted the study that provided evidence for Kaplan et al's model (observed students making decisions about housing)?
Payne (1976)
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Who found that elimination by aspects is used by non-experts and recognition primed decision model is used by experts?
Klein (1998)
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Who found that distrust is an indicator of buying behaviour (shown in amygdala and insula cortex)?
Dimoka et al (2010, 2011)
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Other cards in this set
Card 2
Front
What is the term to describe the fact that we try to lose the least amount as possible?
Back
Loss Aversion
Card 3
Front
What is the term to describe the fact that we think it is logical to repurchase something after losing it?
Back
Card 4
Front
What is the term used to describe the fact that we have an overly positive view of our own decision making performance?
Back
Card 5
Front
What is the Asian disease problem (Tversky & Kahneman, 1981)?
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