1. What is the framing effect?
- When the expected utility exceeds the objective value
- People tend to avoid risk when a positive frame is presented, but sees risk more when a negative frame is presented (even when options are the same! For example saving people, or killing people in vaccine example).
- When the objective value exceeds that of the expected utility
- People tend to avoid risk when a negative frame is presented, but sees risk more when a positive frame is presented (even when options are the same! For example saving people, or killing people in vaccine example).
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Other questions in this quiz
2. What is a problem with heuristics?
- They mean that humans do not use deductive reasoning as much as possible
- Can be changed by mental imagery
- Although helpful, they are error prone and susceptible to biases
- The make humans into cold logic machines
3. What is meant by expected value?
- The probability of the outcome x associated reward (e.g 100% chance of getting 50 - 1/1 x 50 = £50)
- The psychological as opposed to economic value assigned to an outcome (e.g happiness with getting 50,000 or 100,000)
4. What is probability weighting?
- The tendency for people to strongly prefer avoiding loss than acquiring gains
- The tendency for compulsive gambling to start after a traumatic loss type event
- The tendency for people to underestimate the chances of high probability events (a coin toss) and overestimate low probability events (the lottery)
- The tendency for people to strongly acquiring gains than avoiding loss
5. What is meant by an unconditioned reinforcer?
- A stimulus that is reinforcing or rewarding even without previous training
- A stimuli that acquires its power via history of association with primary and or other secondary reinforcers