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Anchoring And Adjustment
The anchoring effect is a cognitive bias whereby an individual's decisions are influenced by a particular reference point or 'anchor'. Both numeric and non-numeric anchoring have been reported in research. In numeric anchoring, once the value of the anchor is set, subsequent arguments, estimates, etc. made by an individual may change from what they would have otherwise been without the anchor. For example, an individual may be more likely to purchase a car if it is placed alongside a more expensive model (the anchor). Prices discussed in negotiations that are lower than the anchor may seem reasonable, perhaps even cheap to the buyer, even if said prices are still relatively higher than the actual market value of the car. Another example may be when estimating the orbit of Mars, one might start with the Earth's orbit (365 days) and then adjust upward until they reach a value that seems reasonable (usually less than 687 days, the correct answer). The original description of the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality. Although it may seem like such misperceptions would be aberrations, biases can help humans find commonalities and shortcuts to assist in the navigation of common situations in life. Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Five 1
Big or BIG may refer to: * Big, of great size or degree Film and television * ''Big'' (film), a 1988 fantasy-comedy film starring Tom Hanks * '' Big!'', a Discovery Channel television show * ''Richard Hammond's Big'', a television show presented by Richard Hammond * ''Big'' (TV series), a 2012 South Korean TV series * '' Banana Island Ghost'', a 2017 fantasy action comedy film Music * '' Big: the musical'', a 1996 musical based on the film * Big Records, a record label * ''Big'' (album), a 2007 album by Macy Gray * "Big" (Dead Letter Circus song) * "Big" (Sneaky Sound System song) * "Big" (Rita Ora and Imanbek song) * "Big", a 1990 song by New Fast Automatic Daffodils * "Big", a 2021 song by Jade Eagleson from '' Honkytonk Revival'' *The Notorious B.I.G., an American rapper Places * Allen Army Airfield (IATA code), Alaska, US * BIG, a VOR navigational beacon at London Biggin Hill Airport * Big River (other), various rivers (and other things) * Big Island (disambi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Biases
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality. Although it may seem like such misperceptions would be aberrations, biases can help humans find commonalities and shortcuts to assist in the navigation of common situations in life. Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of The Instrument
The law of the instrument, law of the hammer, Maslow's hammer (or gavel), or golden hammer is a cognitive bias that involves an over-reliance on a familiar tool. Abraham Maslow wrote in 1966, "If the only tool you have is a hammer, it is tempting to treat everything as if it were a nail." The concept is attributed both to Maslow and to Abraham Kaplan, although the hammer and nail line may not be original to either of them. History The English expression "a Birmingham screwdriver", meaning a hammer, refers to the practice of using the one tool for all purposes, and predates both Kaplan and Maslow by at least a century. In 1868, a London periodical, '' Once a Week'', contained this observation: "Give a boy a hammer and chisel; show him how to use them; at once he begins to hack the doorposts, to take off the corners of shutter and window frames, until you teach him a better use for them, and how to keep his activity within bounds." The first recorded statement of the concept wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negotiation
Negotiation is a dialogue between two or more people or parties to reach the desired outcome regarding one or more issues of conflict. It is an interaction between entities who aspire to agree on matters of mutual interest. The agreement can be beneficial for all or some of the parties involved. The negotiators should establish their own needs and wants while also seeking to understand the wants and needs of others involved to increase their chances of closing deals, avoiding conflicts, forming relationships with other parties, or maximizing mutual gains. The goal of negotiation is to resolve points of difference, gain an advantage for an individual or collective, or craft outcomes to satisfy various interests. Distributive negotiations, or compromises, are conducted by putting forward a position and making concessions to achieve an agreement. The degree to which the negotiating parties trust each other to implement the negotiated solution is a major factor in determining ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Primacy 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] |
Poisoning The Well
Poisoning the well (or attempting to poison the well) is a type of informal fallacy where adverse information about a target is preemptively presented to an audience, with the intention of discrediting or ridiculing something that the target person is about to say. Poisoning the well can be a special case of ''argumentum ad hominem'', and the term was first used with this sense by John Henry Newman in his work ''Apologia Pro Vita Sua'' (1864). See also: The etymology of the phrase lies in well poisoning, an ancient wartime practice of pouring poison into sources of fresh water before an invading army, to diminish the invading army's strength. Structure Poisoning the well can take the form of an (explicit or implied) argument, and is considered by some philosophers an informal fallacy. A poisoned-well "argument" has the following form: :1. Unfavorable information (be it true or false) about person A is presented by another. (e.g. "Before you listen to my opponent, may I remind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Cognitive Biases
Cognitive biases are systematic patterns of deviation from norm and/or rationality in judgment. They are often studied in psychology, sociology and behavioral economics. Although the reality of most of these biases is confirmed by reproducible research, there are often controversies about how to classify these biases or how to explain them. Several theoretical causes are known for some cognitive biases, which provides a classification of biases by their common generative mechanism (such as noisy information-processingMartin Hilbert (2012) "Toward a synthesis of cognitive biases: How noisy information processing can bias human decision making"'. Psychological Bulletin, 138(2), 211–237; free access to the study here: https://www.martinhilbert.net/toward-a-synthesis-of-cognitive-biases/). Gerd Gigerenzer has criticized the framing of cognitive biases as errors in judgment, and favors interpreting them as arising from rational deviations from logical thought. Explanations include ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Ability
Cognitive skills, also called cognitive functions, cognitive abilities or cognitive capacities, are brain-based skills which are needed in acquisition of knowledge, manipulation of information and reasoning. They have more to do with the mechanisms of how people learn, remember, solve problems and pay attention, rather than with actual knowledge. Cognitive skills or functions encompass the domains of perception, attention, memory, learning, decision making, and language abilities. Specialisation of functions Cognitive science has provided theories of how the brain works, and these have been of great interest to researchers who work in the empirical fields of brain science. A fundamental question is whether cognitive functions, for example visual processing and language, are autonomous modules, or to what extent the functions depend on each other. Research evidence points towards a middle position, and it is now generally accepted that there is ''a degree'' of modularity in aspects ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Five Personality Traits
The Big Five personality traits is a suggested taxonomy, or grouping, for personality traits, developed from the 1980s onward in psychological trait theory. Starting in the 1990s, the theory identified five factors by labels, for the US English speaking population, typically referred to as: * openness to experience (inventive/curious vs. consistent/cautious) *conscientiousness (efficient/organized vs. extravagant/careless) * extraversion (outgoing/energetic vs. solitary/reserved) * agreeableness (friendly/compassionate vs. critical/rational) * neuroticism (sensitive/nervous vs. resilient/confident) When factor analysis (a statistical technique) is applied to personality survey data, it reveals semantic associations: some words used to describe aspects of personality are often applied to the same person. For example, someone described as conscientious is more likely to be described as "always prepared" rather than "messy". These associations suggest five broad dimensions used i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Intelligence
Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis and management of business information. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics. BI tools can handle large amounts of structured and sometimes unstructured data to help identify, develop, and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability, and help them take strategic decisions. Business intelligence can be used by enterprises to support a wide range of business decisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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