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Construal level theory (CLT) is a theory in social psychology that describes the relation between psychological distance and the extent to which people's thinking (e.g., about objects and events) is abstract or concrete.
A level zero player will select a number non-strategically. That number might be selected at random, or may have special significance to the player (in which case it is indistinguishable from a random number by other players). A level one player will choose the number consistent with the belief that all other players are level zero.
A rejection and elimination of psychology from economics in the early 1900s brought on a period defined by a reliance on empiricism. [9] There was a lack of confidence in hedonic theories, which saw pursuance of maximum benefit as an essential aspect in understanding human economic behavior. [6]
A level crossing is an intersection where a railway line crosses a road, path, or (in rare situations) airport runway, at the same level, [1] as opposed to the railway line or the road etc. crossing over or under using an overpass or tunnel.
In the branch of experimental psychology focused on sense, sensation, and perception, which is called psychophysics, a just-noticeable difference or JND is the amount something must be changed in order for a difference to be noticeable, detectable at least half the time. [1]
At the micro level, also referred to as the local level, the research population typically is an individual in their social setting or a small group of individuals in a particular social context. Examples of micro levels of analysis include, but are not limited to, the following individual analysis type approach:
Reference dependence is a central principle in prospect theory and behavioral economics generally. It holds that people evaluate outcomes and express preferences relative to an existing reference point, or status quo. It is related to loss aversion and the endowment effect. [1] [2]
A level-0 player will choose actions regardless of the actions of other players. A level-1 player believes that all other players are level-0 types. A level-n player estimates that all other players are level-0, 1, 2, ..., n-1 types. Based on experimental data, most of the players only use one model to predict the behavior of all the other players.