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Status Quo Bias
Status quo bias is an emotional bias; a preference for the maintenance of one's current or previous state of affairs, or a preference to not undertake any action to change this current or previous state. 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 ante, as when the current state of affairs is objectively superior 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 ot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emotional Bias
An emotional bias is a distortion in cognition and decision making due to emotional factors. For example, a person might be inclined: * to attribute negative judgements to neutral events or objects; * to believe something that has a positive emotional effect, that gives a pleasant feeling, even if there is evidence to the contrary; * to be reluctant to accept hard facts that are unpleasant and give mental suffering. Effect of dispositional emotionality Emotional bias is often the effect of dispositional emotionality that an individual has before the occurrence of events that could cause these emotions. These states were linked to the dysregulation in opioid receptor systems and are commonly known as temperament traits The examples are dispositional dysphoria, irritability, withdrawal, or dispositional good and relaxed moods. These dispositions create emotional biases in cognition. Studies of meaning attribution in 24 groups contrasted by various temperament traits showed th ... [...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. There are four principal gyri in the frontal lobe. The precentral gyrus is directly anterior to the central sulcus, running parallel to it and contains the primary motor cortex, which controls voluntary movements of specific body ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subthalamic Nucleus
The subthalamic nucleus (STN) is a small lens-shaped nucleus in the brain where it is, from a functional point of view, part of the basal ganglia system. In terms of anatomy, it is the major part of the subthalamus. As suggested by its name, the subthalamic nucleus is located ventral to the thalamus. It is also dorsal to the substantia nigra and medial to the internal capsule. It was first described by Jules Bernard Luys in 1865, and the term ''corpus Luysi'' or ''Luys' body'' is still sometimes used. Anatomy Structure The principal type of neuron found in the subthalamic nucleus has rather long, sparsely spiny dendrites. In the more centrally located neurons, the dendritic arbors have a more ellipsoidal shape. The dimensions of these arbors (1200 μm, 600 μm, and 300 μm) are similar across many species—including rat, cat, monkey and human—which is unusual. However, the number of neurons increases with brain size as well as the external dimensions of ... [...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 people 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 casual 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 ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Gal
David Gal iProfessor of Marketingat 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. His forthcoming book is titled ''The Power of the Status Quo''. 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 has bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loss Aversion
Loss aversion is the tendency to prefer avoiding losses to acquiring equivalent gains. The principle is prominent in the domain of economics. What distinguishes loss aversion from risk aversion is that the utility of a monetary payoff depends on what was previously experienced or was expected to happen. Some studies have suggested that losses are twice as powerful, psychologically, as gains. Loss aversion was first identified by Amos Tversky and Daniel Kahneman. Loss aversion implies that one who loses $100 will lose more satisfaction than the same person will gain satisfaction from a $100 windfall. In marketing, the use of trial periods and rebates tries to take advantage of the buyer's tendency to value the good more after the buyer incorporates it in the status quo. In past behavioral economics studies, users participate up until the threat of loss equals any incurred gains. Recent methods established by Botond Kőszegi and Matthew Rabin in experimental economics illustrat ... [...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 preference 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 further rese ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inertia
Inertia is the idea that an object will continue its current motion until some force causes its speed or direction to change. The term is properly understood as shorthand for "the principle of inertia" as described by Newton in his first law of motion. After some other definitions, Newton states in his first law of motion: The word "perseveres" is a direct translation from Newton's Latin. Other, less forceful terms such as "to continue" or "to remain" are commonly found in modern textbooks. The modern use follows from some changes in Newton's original mechanics (as stated in the ''Principia'') made by Euler, d'Alembert, and other Cartesians. The term inertia comes from the Latin word ''iners'', meaning idle, sluggish. The term inertia may also refer to the resistance of any physical object to a change in its velocity. This includes changes to the object's speed or direction of motion. An aspect of this property is the tendency of objects to keep moving in a straight lin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Longevity
The word " longevity" is sometimes used as a synonym for " life expectancy" in demography. However, the term ''longevity'' is sometimes meant to refer only to especially long-lived members of a population, whereas ''life expectancy'' is always defined 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 cohorts). Longevity is best thought of as a term for general audiences meaning 'typical length of life' and specific statistical definitions should be clarified when necessary. Reflections on longevity have usually gone beyond acknowledging the brevity of human life and have included thinking about methods to extend life. Longevity has been a topic not only for the scientific community but also for writers of travel, science fiction, and utopian novels. In fact the legendary fountain of youth appeared in the work of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Existence
Existence is the ability of an entity to interact with reality. In philosophy, it refers to the ontological property of being. Etymology The term ''existence'' comes from Old French ''existence'', from Medieval Latin ''existentia/exsistentia'', from Latin ''existere'', to come forth, be manifest, ''ex + sistere'', to stand. Context in philosophy Materialism holds that the only things that exist are matter and energy, that all things are composed of material, that all actions require energy, and that all phenomena (including consciousness) are the result of the interaction of matter. Dialectical materialism does not make a distinction between being and existence, and defines it as the objective reality of various forms of matter. Idealism holds that the only things that exist are thoughts and ideas, while the material world is secondary. In idealism, existence is sometimes contrasted with transcendence, the ability to go beyond the limits of existence. As a form of episte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
