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Description-experience Gap
The description-experience gap is a phenomenon in experimental behavioral studies of decision making. The gap refers to the observed differences in people's behavior depending on whether their decisions are made towards clearly outlined and ''described'' outcomes and probabilities or whether they simply ''experience'' the alternatives without having any prior knowledge of the consequences of their choices. In both described and experienced choice tasks, the experimental task usually involves selecting between one of two possible choices that lead to certain outcomes. The outcome could be a gain or a loss and the probabilities of these outcomes vary. Of the two choices, one is probabilistically safer than the other. The other choice, then, offers a comparably improbable outcome. The specific payoffs or outcomes of the choices, in terms of the magnitude of their potential gains and losses, varies from study to study. Description Description-based alternatives or ''prospects'' are th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Experimental Behavioral Analysis
The experimental analysis of behavior is school of thought in psychology founded on B. F. Skinner's philosophy of radical behaviorism and defines the basic principles used in applied behavior analysis. A central principle was the inductive reasoning data-driven examination of functional relations, as opposed to the kinds of hypothetico-deductive learning theory that had grown up in the comparative psychology of the 1920–1950 period. Skinner's approach was characterized by observation of measurable behavior which could be predicted and controlled. It owed its early success to the effectiveness of Skinner's procedures of operant conditioning, both in the laboratory and in behavior therapy. Basic learning processes in behavior analysis Classical (or respondent) conditioning In classical or respondent conditioning, a neutral stimulus (''conditioned stimulus'') is delivered just before a reflex-eliciting stimulus (''unconditioned stimulus'') such as food or pain. This typically done ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk-taking
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas ( business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Theory
Decision theory (or the theory of choice; not to be confused with choice theory) is a branch of applied probability theory concerned with the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome. There are three branches of decision theory: # Normative decision theory: Concerned with the identification of optimal decisions, where optimality is often determined by considering an ideal decision-maker who is able to calculate with perfect accuracy and is in some sense fully rational. # Prescriptive decision theory: Concerned with describing observed behaviors through the use of conceptual models, under the assumption that those making the decisions are behaving under some consistent rules. # Descriptive decision theory: Analyzes how individuals actually make the decisions that they do. Decision theory is closely related to the field of game theory and is an interdisciplinary topic, studied by econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Die Game ...
Dice games are games that use or incorporate one or more dice as their sole or central component, usually as a random device. The following are games which largely, if not entirely, depend on dice: Collectible dice games Patterned after the success of collectible card games, a number of collectible dice games have been published. Although most of these collectible dice games are long out-of-print, there is still a small following for many of them. Some collectible dice games include: *''Battle Dice'' *'' Diceland'' *''Dragon Dice'' *''Dice Masters'' See also *Card game References {{Tabletop games by type Dice Dice (singular die or dice) are small, throwable objects with marked sides that can rest in multiple positions. They are used for generating random values, commonly as part of tabletop games, including dice games, board games, role-playing g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Memory
Memory is the faculty of the mind by which data or information is encoded, stored, and retrieved when needed. It is the retention of information over time for the purpose of influencing future action. If past events could not be remembered, it would be impossible for language, relationships, or personal identity to develop. Memory loss is usually described as forgetfulness or amnesia. Memory is often understood as an informational processing system with explicit and implicit functioning that is made up of a sensory processor, short-term (or working) memory, and long-term memory. This can be related to the neuron. The sensory processor allows information from the outside world to be sensed in the form of chemical and physical stimuli and attended to various levels of focus and intent. Working memory serves as an encoding and retrieval processor. Information in the form of stimuli is encoded in accordance with explicit or implicit functions by the working memory processor. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paradigm
In science and philosophy, a paradigm () is a distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitute legitimate contributions to a field. Etymology ''Paradigm'' comes from Greek παράδειγμα (''paradeigma''), "pattern, example, sample" from the verb παραδείκνυμι (''paradeiknumi''), "exhibit, represent, expose" and that from παρά (''para''), "beside, beyond" and δείκνυμι (''deiknumi''), "to show, to point out". In classical (Greek-based) rhetoric, a paradeigma aims to provide an audience with an illustration of a similar occurrence. This illustration is not meant to take the audience to a conclusion, however it is used to help guide them get there. One way of how a ''paradeigma'' is meant to guide an audience would be exemplified by the role of a personal accountant. It is not the job of a personal accountant to tell a client exactly what (and what not) to spend money on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recency Effect
Serial-position effect is the tendency of a person to recall the first and last items in a series best, and the middle items worst. The term was coined by Hermann Ebbinghaus through studies he performed on himself, and refers to the finding that recall accuracy varies as a function of an item's position within a study list. When asked to recall a list of items in any order (free recall), people tend to begin recall with the end of the list, recalling those items best (the recency effect). Among earlier list items, the first few items are recalled more frequently than the middle items (the primacy effect). One suggested reason for the primacy effect is that the initial items presented are most effectively stored in long-term memory because of the greater amount of processing devoted to them. (The first list item can be rehearsed by itself; the second must be rehearsed along with the first, the third along with the first and second, and so on.) The primacy effect is reduced when item ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistic
A statistic (singular) or sample statistic is any quantity computed from values in a sample which is considered for a statistical purpose. Statistical purposes include estimating a population parameter, describing a sample, or evaluating a hypothesis. The average (or mean) of sample values is a statistic. The term statistic is used both for the function and for the value of the function on a given sample. When a statistic is being used for a specific purpose, it may be referred to by a name indicating its purpose. When a statistic is used for estimating a population parameter, the statistic is called an ''estimator''. A population parameter is any characteristic of a population under study, but when it is not feasible to directly measure the value of a population parameter, statistical methods are used to infer the likely value of the parameter on the basis of a statistic computed from a sample taken from the population. For example, the sample mean is an unbiased estimator of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the Cognition, cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either Rationality, rational or irrational. The decision-making process is a reasoning process based on assumptions of value (ethics and social sciences), values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a Problem solving, problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less Rationality, rational or Irrationality, irrational and can be based on explicit knowledge, explicit or tacit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
External Validity
External validity is the validity of applying the conclusions of a scientific study outside the context of that study. In other words, it is the extent to which the results of a study can be generalized to and across other situations, people, stimuli, and times.Aronson, E., Wilson, T. D., Akert, R. M., & Fehr, B. (2007). Social psychology. (4 ed.). Toronto, ON: Pearson Education. In contrast, internal validity is the validity of conclusions drawn ''within'' the context of a particular study. Because general conclusions are almost always a goal in research, external validity is an important property of any study. Mathematical analysis of external validity concerns a determination of whether generalization across heterogeneous populations is feasible, and devising statistical and computational methods that produce valid generalizations. Threats "A threat to external validity is an explanation of how you might be wrong in making a generalization from the findings of a particular study ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospect Theory
Prospect theory is a theory of behavioral economics and behavioral finance that was developed by Daniel Kahneman and Amos Tversky in 1979. The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in Economics. Based on results from controlled studies, it describes how individuals assess their loss and gain perspectives in an asymmetric manner (see loss aversion). For example, for some individuals, the pain from losing $1,000 could only be compensated by the pleasure of earning $2,000. Thus, contrary to the expected utility theory (which models the decision that perfectly rational agents would make), prospect theory aims to describe the actual behavior of people. In the original formulation of the theory, the term ''prospect'' referred to the predictable results of a lottery. However, prospect theory can also be applied to the prediction of other forms of behaviors and decisions. Overview Prospect theory stems from Loss aversion, where the observ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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