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Thaler et al. (2012)

Q: The authors describe two kind of competing instincts. Which are they?

Reflective system: a deliberate and self-conscious thought process by which humans use logic and reasoning to help them make decisions Automatic system: a rapid , intuitive process that is not associated with what we would traditionally considering thinking.

5 important questions on Thaler et al. (2012)

What is choice architecture / a choice architect?

A choice architect has the responsibility for organizing the context in which people make decisions. This is someone who indirectly influence the choices another person makes.

The authors describe two kind of competing instincts. Which are they?

Reflective system: a deliberate and self-conscious thought process by which humans use logic and reasoning to help them make decisions
Automatic system: a rapid, intuitive process that is not associated with what we would traditionally considering thinking.

What is post-completion error?

The idea is that once the main tasks is finished, people tend to forget things relating to previous steps.

There are different strategies for making choices depending on the size and complexity of the available options (structure complex choices). Which are they?

Compensation strategy: the high value of an attribute can compensate for a low value of another
Elimination by aspects: first decide what aspect is important, establish a cut-off level, and then eliminate all alternatives that do not meet this standard.
Collaboration filtering: this is a method of making automatic predictions (filtering) about the interests of a user by collecting preferences or taste information for many users.