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Distance in this case is not limited to the physical surroundings, rather it could also be abstract. Distance can be defined as the separation between the self and other instances like persons, events, knowledge, or time. [1] Psychological distance was first defined in Trope and Liberman's Construal Level Theory (CLT). [2]
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 ...
Perceptions are affected by construal level theory in almost all aspects of psychology. [2] Strong relationships and similarities have been found between different types of psychological distances. These include temporal, spatial, personal, and social distance. [2] When distance on one of these levels increases, the other levels also increase.
The orbital period (also revolution period) is the amount of time a given astronomical object takes to complete one orbit around another object. In astronomy , it usually applies to planets or asteroids orbiting the Sun , moons orbiting planets, exoplanets orbiting other stars , or binary stars .
The development of dialogue allows children to understand the difference between their thoughts and another's. The psychological distance is the difference in these thoughts. In turn, psychological distancing allows for greater psychological complexity such as allowing for the representation of motivation , multiple meanings, invention ...
In the branch of experimental psychology focused on sense, sensation, and perception, which is called psychophysics, a just-noticeable difference or JND is the amount something must be changed in order for a difference to be noticeable, detectable at least half the time. [1]
Hyperbolic discounting is mathematically described as = + where g(D) is the discount factor that multiplies the value of the reward, D is the delay in the reward, and k is a parameter governing the degree of discounting (for example, the interest rate).
It actually declines over time. This means that the difference between receiving $10 tomorrow and $11 in two days is different from receiving $10 in 100 days and $11 in 101 days. Although the difference between the values and the times is the same, people value the two options at a different discount rate. The $1 is more heavily discounted ...