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In psychology, game theory, statistics, and machine learning, win–stay, lose–switch (also win–stay, lose–shift) is a heuristic learning strategy used to model learning in decision situations. It was first invented as an improvement over randomization in bandit problems . [ 1 ]
The theory was cited in the decision to award Kahneman the 2002 Nobel Memorial Prize in Economics. [2] Based on results from controlled studies, it describes how individuals assess their loss and gain perspectives in an asymmetric manner (see loss aversion). For example, for some individuals, the pain from losing $1,000 could only be ...
The wise decision is to wager that God exists, since "If you gain, you gain all; if you lose, you lose nothing", meaning one can gain eternal life if God exists, but if not, one will be no worse off in death than if one had not believed. On the other hand, if you bet against God, win or lose, you either gain nothing or lose everything.
The Let Them Theory is packed with relatable stories from Robbins' life and research in psychology. Readers can learn how to stop wasting energy on things beyond their control, release the grip of ...
Predicted utility curve of prospect theory. A. Defined on gains and losses rather than on total wealth. [1] Prospects are coded as gains and losses from a zero point (e.g. using current wealth, rather than total wealth as a reference point), leading people to be risk averse for gains and risk seeking for losses. [5]
Man's Search for Meaning is a 1946 book by Viktor Frankl chronicling his experiences as a prisoner in Nazi concentration camps during World War II, and describing his psychotherapeutic method, which involved identifying a purpose to each person's life through one of three ways: the completion of tasks, caring for another person, or finding meaning by facing suffering with dignity.
Theoretical psychology is not fundamental or comprehensive theory of psychology, rather, for theoretical psychology to operate correctly it is important to supplement empirical psychology and give reason to topics and produce theories until they can be empirically verified by the other branches of psychology. [1]
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