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Choice-supportive bias or post-purchase rationalization is the tendency to retroactively ascribe positive attributes to an option one has selected and/or to demote the forgone options. [1]
Choice-supportive bias: The tendency to remember one's choices as better than they actually were. [153] Confirmation bias: The tendency to search for, interpret, or recall information in a way that confirms one's beliefs or hypotheses. See also under § Confirmation bias. Conservatism or Regressive bias
Choice-supportive bias leads to an increased liking of one's choices, including purchases. This seems to contradict the concept of buyer's remorse. However, this choice enhancement can collapse when presented with even minor indication that the wrong choice was made.
In status quo bias, a decision-maker has the increased propensity to choose an option because it is the default option or status quo. Has been shown to affect various important economic decisions, for example, a choice of car insurance or electrical service. [32] Overconfidence effect
Research from the field of behavioral economics has shown that individuals tend to be subject to predictable biases that may lead to decision errors. The following sections describe these biases and describe the ways that they can be minimized by changing decision context through choice architecture.
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 ...
The ambiguity effect is a cognitive tendency where decision making is affected by a lack of information, or "ambiguity". [1] The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown.
A choice is the range of different things from which a being can choose. [1] The arrival at a choice may incorporate motivators and models.. Freedom of choice is generally cherished, whereas a severely limited or artificially restricted choice can lead to discomfort with choosing, and possibly an unsatisfactory outcome.