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Status-quo Bias
A status quo bias or default bias is a cognitive bias which results from a preference for the maintenance of one's existing state of affairs. The current baseline (or status quo) is taken as a reference point, and any change from that baseline is perceived as a loss or gain. Corresponding to different alternatives, this current baseline or default option is perceived and evaluated by individuals as a positive. Status quo bias should be distinguished from a rational preference for the status quo, as for when the current state of affairs is more beneficial to the available alternatives, or when imperfect information is a significant problem. A large body of evidence, however, shows that status quo bias frequently affects human decision-making. Status quo bias should also be distinguished from psychological inertia, which refers to a lack of intervention in the current course of affairs. The bias intersects with other non-rational cognitive processes such as loss aversion, in which lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm (philosophy), 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 Objectivity (philosophy), objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality. While cognitive biases may initially appear to be negative, some are adaptive. They 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 Heuristic (psychology), heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting from a lack of appropriate mental mechanisms (bounded rationality), the impact of an individual's constitution and bi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University College London
University College London (Trade name, branded as UCL) is a Public university, public research university in London, England. It is a Member institutions of the University of London, member institution of the Federal university, federal University of London, and is the second-largest list of universities in the United Kingdom by enrolment, university in the United Kingdom by total enrolment and the largest by postgraduate enrolment. Established in 1826 as London University (though without university degree-awarding powers) by founders who were inspired by the radical ideas of Jeremy Bentham, UCL was the first university institution to be established in London, and the first in England to be entirely secular and to admit students regardless of their religion. It was also, in 1878, among the first university colleges to admit women alongside men, two years after University College, Bristol, had done so. Intended by its founders to be Third-oldest university in England debate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frontal Cortex
The frontal lobe is the largest of the four major lobes of the brain in mammals, and is located at the front of each cerebral hemisphere (in front of the parietal lobe and the temporal lobe). It is parted from the parietal lobe by a groove between tissues called the central sulcus and from the temporal lobe by a deeper groove called the lateral sulcus (Sylvian fissure). The most anterior rounded part of the frontal lobe (though not well-defined) is known as the frontal pole, one of the three poles of the cerebrum. The frontal lobe is covered by the frontal cortex. The frontal cortex includes the premotor cortex and the primary motor cortex – parts of the motor cortex. The front part of the frontal cortex is covered by the prefrontal cortex. The nonprimary motor cortex is a functionally defined portion of the frontal lobe. There are four principal gyri in the frontal lobe. The precentral gyrus is directly anterior to the central sulcus, running parallel to it and contai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Omission Bias
Omission bias is the phenomenon in which people prefer omission (inaction) over commission (action), and tend to judge harm as a result of commission more negatively than harm as a result of omission. It can occur due to a number of processes, including psychological inertia, the perception of transaction costs, and the perception that commissions are more causal than omissions. In social political terms the Universal Declaration of Human Rights establishes how basic human rights are to be assessed in article 2, as "without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status." criteria that are often subject to one or another form of omission bias. It is controversial as to whether omission bias is a cognitive bias or is often rational. The bias is often showcased through the trolley problem and has also been described as an explanation for the endowment effect and status qu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Psychological Inertia
Psychological inertia is the tendency to maintain the status quo (or default option) unless compelled by a psychological motive to intervene or reject this. Psychological inertia is similar to the status-quo bias but there is an important distinction in that psychological inertia involves inhibiting any action, whereas the status-quo bias involves avoiding any change which would be perceived as a loss. Research into psychological inertia is limited, particularly into its causes, but it has been seen to affect decision-making by causing individuals to automatically choose or prefer the default option, even if there is a more beneficial option available to them, unless motivated to reject this option. For example, psychological inertia may cause individuals to continue with their investments later than they should, despite information telling them otherwise, causing them to suffer greater losses than they would have if they had disinvested earlier. Psychological inertia has also s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Gal
David Gal is Professor of Marketing at the University of Illinois at Chicago. He is best known for his critiques of behavioral economics, and in particular his critique of the behavioral economics concept of loss aversion. Academic career Gal received his Ph.D. from Stanford University in 2007. He joined the faculty of The Kellogg School of Management at Northwestern University where he remained until 2014, at which time he joined the faculty of The University of Illinois at Chicago. His research has been published in Journal of Consumer Research, Journal of Marketing Research, Journal of Marketing, Judgment and Decision Making, Psychological Science, Management Science, and Journal of the American Statistical Association. It has been featured in the ''New York Times'', ''Wall Street Journal'', ''The Toronto Star'', ''Time'', ''Harvard Business Review'', and ''The Globe and Mail','' among other outlets. He was named a Marketing Science Institute Young Scholar in 2013 and a Market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loss Aversion
In cognitive science and behavioral economics, loss aversion refers to a cognitive bias in which the same situation is perceived as worse if it is framed as a loss, rather than a gain. It should not be confused with risk aversion, which describes the rational behavior of valuing an uncertain outcome at less than its expected value. When defined in terms of the pseudo-utility function as in cumulative prospect theory (CPT), the left-hand of the function increases much more steeply than gains, thus being more "painful" than the satisfaction from a comparable gain. Empirically, losses tend to be treated as if they were twice as large as an equivalent gain. Loss aversion was first proposed by Amos Tversky and Daniel Kahneman as an important component of prospect theory. History In 1979, Daniel Kahneman and his associate Amos Tversky originally coined the term "loss aversion" in their initial proposal of prospect theory as an alternative descriptive model of decision makin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mere Exposure
The mere-exposure effect is a psychological phenomenon by which people tend to develop a liking or disliking for things merely because they are familiar with them. In social psychology, this effect is sometimes called the familiarity principle. The effect has been demonstrated with many kinds of things, including words, Chinese characters, paintings, pictures of faces, geometric figures, and sounds. In studies of interpersonal attraction, the more often people see a person, the more pleasing and likeable they find that person. Research Gustav Fechner conducted the earliest known research on the effect in 1876. Edward B. Titchener also documented the effect and described the "glow of warmth" felt in the presence of something familiar; however, his hypothesis was thrown out when results showed that the enhancement of preferences for objects did not depend on the individual's subjective impressions of how familiar the objects were. The rejection of Titchener's hypothesis spurred fur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inertia
Inertia is the natural tendency of objects in motion to stay in motion and objects at rest to stay at rest, unless a force causes the velocity to change. It is one of the fundamental principles in classical physics, and described by Isaac Newton in his Newton%27s_laws_of_motion#First, first law of motion (also known as The Principle of Inertia). It is one of the primary manifestations of mass, one of the core quantitative properties of physical systems. Newton writes: In his 1687 work ''Philosophiæ Naturalis Principia Mathematica'', Newton defined inertia as a property: History and development Early understanding of inertial motion Joseph NeedhamProfessor John H. Lienhard points out the Mozi (book), Mozi – based on a Chinese text from the Warring States period (475–221 BCE) – as having given the first description of inertia. Before the European Renaissance, the prevailing theory of motion in western philosophy was that of Aristotle (384–322 BCE). On the surface ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Longevity
Longevity may refer to especially long-lived members of a population, whereas ''life expectancy'' is defined Statistics, statistically as the average number of years remaining at a given age. For example, a population's life expectancy at birth is the same as the average age at death for all people born in the same year (in the case of Cohort (statistics), cohorts). Longevity studies may involve putative methods to extend life. Longevity has been a topic not only for the scientific community but also for writers of Hyperborei, travel, science fiction, and utopian novels. The legendary fountain of youth appeared in the work of the Ancient Greek historian Herodotus. There are difficulties in authenticating the longest human maximum life span, life span, owing to inaccurate or incomplete birth statistics. Fiction, legend, and folklore have proposed or claimed life spans in the past or future vastly longer than those verified by modern standards, and longevity narratives and unverif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
