Question 1

If you want someone to be willing to take a risk,you can make it more likely by

Accepted Answer

Research suggests that people are more motivated by potential losses than potential gains. Therefore, highlighting what they stand to lose if they don't take the risk can be a more effective motivator than emphasizing potential gains.

Question 2

The book demonstration in which you lose $10 or a theater ticket and are faced with the dilemma of whether or not to purchase a second ticket,people who lose the ticket will be _______ likely to purchase the ticket because of

Accepted Answer

People who lose the ticket will be less likely to purchase the ticket because of psychological accounting. This is because they may perceive the $10 loss as sunk cost and not want to incur additional costs. Expected utility theory suggests that people will make decisions based on the option that provides the highest expected value or utility, but in this scenario, psychological accounting may override expected utility.

Question 3

Porcelli and Delgado (2009)investigated the effects of acute stress on framing effects in decision making.They found that

Accepted Answer

Porcelli and Delgado (2009) found that acute stress accentuated the typical framing effect in decision making, meaning that individuals under stress were more likely to be influenced by the way choices were framed.

Question 4

Levav and Argo (2010)were interested in how different types of touching would influence participant decision making (i.e. ,the amount participants would invest in a risky fund).In which of these conditions did participants risk the most?

Accepted Answer

Participants who were touched on the shoulder by a female (condition C) risked the most, indicating that this type of touch may have had a positive effect on their decision-making.

Question 5

Which of these is an example of the sunk-cost effect?

Accepted Answer

The sunk-cost effect refers to the tendency of individuals to persist in a course of action even when it is no longer rational, solely based on the fact that they have already invested time, money, or effort into the activity. In this scenario, Sally is willing to attend the play despite feeling unwell because she has already paid for the ticket, indicating that she is affected by the sunk-cost fallacy.

Question 6

Choice architecture is designed primarily to

Accepted Answer

The answer of Choice architecture is designed primarily to
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Question 7

Compare a $50 gain and a $50 loss.Which of these is more psychologically powerful,according to prospect theory?

Accepted Answer

According to prospect theory, losses are more psychologically powerful than gains. Specifically, the disutility of losing $50 is usually greater than the utility of gaining $50. This is due to the inherent asymmetry in our emotional responses to losses and gains - losses tend to feel worse than equivalent gains feel good.

Question 8

According to the expected utility theory,our choices should _____ show invariance.Invariance refers to

Accepted Answer

According to expected utility theory, our choices should always show invariance, meaning we should consistently prefer one alternative over another, regardless of how these alternatives are presented. This principle suggests that our preferences should not change simply because the options are described or framed differently.

Question 9

According to Marchiori,Papies,and Klein (2013),in terms of anchoring,what can we do to reduce overeating?

Accepted Answer

Using a smaller plate can reduce overeating by creating a visual anchor for the amount of food that is appropriate to eat. Research has shown that people are likely to fill up their plates regardless of the size, but using a smaller plate can make the portion appear more substantial and satisfying, leading to less overeating. Eating with distractions, such as watching TV or using a phone, can actually lead to increased consumption because people are less aware of how much they are eating. Using different utensils is unlikely to have a significant impact on overeating behavior.

Question 10

Tversky and Kahneman (1983)asked people whether it was more likely if Linda (a fictional person involved in political movements)was a bank teller or a bank teller who was a feminist.More people chose the bank teller who was a feminist,which demonstrates which concept?

Accepted Answer

The choice of the bank teller who was a feminist violates the conjunction rule, which is part of the conjunction fallacy. This rule states that the probability of two events occurring together cannot be greater than the probability of each individual event occurring alone. In this case, the probability of "bank teller who is a feminist" is lower than the probability of "bank teller" alone, making it irrational to choose the former option as more likely.

Quiz 11: Judgments and Decisions

If you want someone to be willing to take a risk,you can make it more likely by

The book demonstration in which you lose $10 or a theater ticket and are faced with the dilemma of whether or not to purchase a second ticket,people who lose the ticket will be _______ likely to purchase the ticket because of

Porcelli and Delgado (2009) investigated the effects of acute stress on framing effects in decision making.They found that

Levav and Argo (2010) were interested in how different types of touching would influence participant decision making (i.e. ,the amount participants would invest in a risky fund) .In which of these conditions did participants risk the most?

Which of these is an example of the sunk-cost effect?

Choice architecture is designed primarily to

Compare a $50 gain and a $50 loss.Which of these is more psychologically powerful,according to prospect theory?

According to the expected utility theory,our choices should _____ show invariance.Invariance refers to

According to Marchiori,Papies,and Klein (2013) ,in terms of anchoring,what can we do to reduce overeating?

Tversky and Kahneman (1983) asked people whether it was more likely if Linda (a fictional person involved in political movements) was a bank teller or a bank teller who was a feminist.More people chose the bank teller who was a feminist,which demonstrates which concept?