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Counterfactual thinking is a concept in psychology that involves the human tendency to create possible alternatives to life events that have already occurred; something that is contrary to what actually happened.
Countersignaling or countersignalling is the behavior in which agents with the highest level of a given property invest less into proving it than individuals with a medium level of the same property.
Tokens must be used as reinforcers to be effective. A token is an object or symbol that can be exchanged for material reinforcers, services, or privileges (back-up reinforcers). In applied settings, a wide range of tokens have been used: coins, checkmarks, images of small suns or stars, points on a counter, and checkmarks on a poster.
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]
An example is where people predict the value of a stock market index on a particular day by defining an upper and lower bound so that they are 98% confident the true value will fall in that range. A reliable finding is that people anchor their upper and lower bounds too close to their best estimate. [14] This leads to an overconfidence effect ...
The same change in price framed differently, for example as a $5 discount or as a $5 surcharge avoided, has a significant effect on consumer behavior. [16] Although traditional economists consider this " endowment effect ", and all other effects of loss aversion, to be completely irrational , it is important to the fields of marketing and ...
Regret is a negative emotion with a powerful social and reputational component, and is central to how humans learn from experience and to the human psychology of risk aversion. Conscious anticipation of regret creates a feedback loop that transcends regret from the emotional realm—often modeled as mere human behavior —into the realm of the ...
Veblen goods such as luxury cars are considered desirable consumer products for conspicuous consumption because of, rather than despite, their high prices.. A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve.