When people are making decisions among several different choices (e.g., choosing a car to purchase), there are several patterns of irrational thought to which they commonly fall prey. Please identify and discuss three of these
What will be an ideal response?
a . Risk aversion: The tendency to give disproportionately greater weight to possible losses than to possible gains.
b. Temporal discounting: The tendency to give disproportionately greater weight to present outcomes than future outcomes.
c. The certainty effect: The tendency to give disproportionately greater weight to certain outcomes than to probabilities.
d. Tendencies to keep options open, including the status quo bias and the omission bias.
You might also like to view...
A person who attributes negative events to external, temporary, specific causes
A) has a pessimistic explanatory style. B) has an optimistic explanatory style. C) is field dependent. D) is field independent.
An infant's sleep/wake cycle lasts approximately how long?
A) 30–45 minutes B) 4–6 hours C) 2 hours D) 8 hours