100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary Cognitive Psychology and Cognition Experiments - EBC4198 $13.55   Add to cart

Summary

Summary Cognitive Psychology and Cognition Experiments - EBC4198

 216 views  2 purchases
  • Course
  • Institution

A comprehensive summary of the course: Cognitive psychology and Cognition Experiments - EBC4198. With it's 40 pages, complete with the authors, titles of the articles and short presentation summaries at the end of each of the 9 tutorials.

Preview 1 out of 45  pages

  • October 26, 2016
  • 45
  • 2016/2017
  • Summary
avatar-seller
Summary Cognitive Psychology 2016/2017 – EBC4198

Inhoud
Meeting 2: Introduction to Psychological processes in Decision Making ......................................................................... 1
Meeting 4: Heuristics and Biases ....................................................................................................................................... 5
Meeting 5: loss aversion (Prospect theory) ..................................................................................................................... 10
Meeting 7: Preferences and emotions in decision making ............................................................................................. 13
Meeting 8: Self Control and intertemporal choice .......................................................................................................... 17
Meeting 10: Moral decision making ................................................................................................................................ 22
Meeting 12: Intuitive decision making and the Somatic Marker hypothesis .................................................................. 28
Meeting 13: The neurological basis of decision making .................................................................................................. 34
Meeting 14 Escalation of Commitment & Naturalistic Decision Making ........................................................................ 39



Meeting 2: Introduction to Psychological processes in Decision Making

 Scheibehenne, Greifeneder, Todd (2010) – Can there ever be too many options? Meta-analysis Review of choice
overload.
Choice overload hypothesis – adverse consequences due to an increase in the number of options to choose from.
Is directly against classic choice theories, in which choice set cannot make a decision maker (dm) worse off.

Experiment Iyengar and Lepper (2000) – possible negative consequences due to having too much choice.
Tasting table with exotic jams at the entrance of a up sale grocery store. 2 conditions: containing either 6 or 24 jams.
Every consumer who approached the table got a coupon of 1 dollar off purchase of any jam of that brand.
 Results. They found that more consumer approached the table with 24 jams, but for actual purchase
30% who saw the 6 jams bought one. Only 3% bought something from the 24 jams.
 Conclusion. Paradox of choice, initial attractiveness of large assortment and its demotivating
consequences. Too many options leads to decrease of motivation of buy one.
Though replications of this study where not met.

Negative effects in an experiment depend on certain necessary preconditions (but not sufficient)
->Does not give a direct obvious reason why this should lead to choice overload.
 Lack of familiarity or prior preference
 No obvious dominant option in the choice set and proportion of non-dominated options are large

Arguments in favour of choice overload hypothesis
Why should too many options lead to less satisfaction?
1. If there are more option within a category, this makes the choice more difficult. As differences between
attractive options get smaller and amount available information increases. Decision complexity because of
small differences.
2. Large assortments are undesirable in a time-and-effort perspective. Induces fear for choosing the wrong.
3. In greater assortment, second-best alternatives become more likely. Which leads to more counterfactual
thinking and regret.
4. Large amount of options increases expectations, when similar options these expectations will not be met.
5. Preferences are loos-defined.
So, an individual does not know how to choose.

Arguments against the choice overload hypothesis
1. Large assortments increases the likelihood of satisfying diverse consumers.
2. Only large assortments give sales increases.
1

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MariekeSTUVIA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.55. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

60281 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.55  2x  sold
  • (0)
  Add to cart