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This functional attitude theory suggests that in order for attitudes to change (e.g., via persuasion), appeals must be made to the function(s) that a particular attitude serves for the individual. As an example, the ego-defensive function might be used to influence the racially prejudicial attitudes of an individual who sees themselves as open ...
Functional attitude theory (FAT) suggests that beliefs and attitudes are influential to various psychological functions. Attitudes can be influential on many processes such as being utilitarian (useful), social, relating to values, or a reduction of cognitive dissonance. They can be beneficial and help people interact with the world.
Attitude objects also play a significant role in shaping and determining the functions of attitudes, which can be classified as utilitarian, social identity, or self-esteem maintenance functions. [3] The utilitarian function involves attitudes toward objects that provide direct benefits (e.g., coffee or air conditioners), which help maximize ...
The value function that passes through the reference point is s-shaped and asymmetrical. The value function is steeper for losses than gains indicating that losses outweigh gains. Prospect theory stems from loss aversion, where the observation is that agents asymmetrically feel losses greater than that of an equivalent gain. It centralises ...
Attitudes are associated beliefs and behaviors towards some object. [1] [2] They are not stable, and because of the communication and behavior of other people, are subject to change by social influences, as well as by the individual's motivation to maintain cognitive consistency when cognitive dissonance occurs—when two attitudes or attitude and behavior conflict.
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 ...
Human economic decision making is often reference dependent, in which options are weighed in reference to the status quo rather than absolute gains and losses. Humans are also loss averse, fearing loss rather than seeking gain. [51] Advanced economic behavior developed in humans after the Neolithic Revolution and the development of agriculture.
In economics, a utility function is often used to represent a preference structure such that () if and only if. The idea is to associate each class of indifference with a real number such that if one class is preferred to the other, then the number of the first one is greater than that of the second one.