Decision Making Papers: check slides
4 important questions on Decision Making Papers: check slides
Explain paper: In Search of Homo Economicus
Emotions are more fast and accurate evaluations, tend to be more stable and holistic. Therefore greater consistency
Transitivity: if A>B, B>C then should A>C
LOOK AT SLIDES
Conclusion: emotion based preferences more consistent than cognition based preferences.
Implications: use affect rich stimuli when assessing consumption satisfaction. Consumers could be happier with choices based on emotional reaction
Explain paper: affect as a decision making system
Participants agreed to tell a joke days earlier, rejected minutes before performance.
Emotional brain areas: limbic area, medial prefrontal area
Experiments: choice apartment now vs 1 year, watch movie pick apartment. Evaluate last spring break vs 2 years ago.
Conclusion:
Feelings exert stronger influence on decisions with temporally proximate outcomes than on decisions with temporally distant outcomes
An option can be less desirable for functional reasons
An option can be less feasible for affective reasons
Explain paper: When choice is demotivating
More choice -> more satisfaction. Always holds?
Experiment: jam tasting booth, essay topic amounts, chocolate flavors,
Conclusions:
Choice overload may seem attractive, but reduces actual choosing and satisfaction with chosen option. More potential for regret. Depends on goals and expertise. Some people choose less
Solutions:
reduce options, organize options
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Decision making in corona times?
- disease leads to disgust and fear
- increases preference for familiar products
2. Consumers tend to choose atypical options
- cherry dark chocolate instead of chocolate
3. Budget loss leads to stabilization of preference
budget loss
- consumers reevaluate where they spend money
- they prioritize what matters to them
budget restored
- consumers allocate money to fewer options in the set
- for money time and space
4. Subjective life expectancy influence choices
- experiencing a stressor
- long term care insurance, retirement savings, bonds.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
