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Example of images that can be used in a change blindness task. Although similar, the two images have a number of differences. Change blindness is a perceptual phenomenon that occurs when a change in a visual stimulus is introduced and the observer does not notice it.
Simons is best known for his work on change blindness and inattentional blindness, two surprising examples of how people can be unaware of information right in front of their eyes. His research interests also include visual cognition, perception , memory , attention , and awareness .
In statistical analysis, change detection or change point detection tries to identify times when the probability distribution of a stochastic process or time series changes. In general the problem concerns both detecting whether or not a change has occurred, or whether several changes might have occurred, and identifying the times of any such ...
In economics, money illusion, or price illusion, is a cognitive bias where money is thought of in nominal, rather than real terms. In other words, the face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in time.
Traditional game theory is a critical principle of economic theory, and assumes that people's strategic decisions are shaped by rationality, selfishness and utility maximisation. [7] It focuses on the mathematical structure of equilibria, and tends to use basic rational choice theory and utility maximization as the primary principles within ...
The researchers coined the phrase "choice blindness" for this failure to detect a mismatch. [ 18 ] A follow-up experiment involved shoppers in a supermarket tasting two different kinds of jam, then verbally explaining their preferred choice while taking further spoonfuls from the "chosen" pot.
Time blindness has garnered a lot of skepticism online, but it's real. Those who have it aren't irresponsible, according to experts, they just perceive time differently.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...