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Ernst Heinrich Weber states that "the minimum increase of stimulus which will produce a perceptible increase of sensation is proportional to the pre-existent stimulus," while Gustav Fechner's law is an inference from Weber's law (with additional assumptions) which states that the intensity of our sensation increases as the logarithm of an ...
An economic recovery is the phase of the business cycle following a recession. The overall business outlook for an industry looks optimistic during the economic recovery phase. The overall business outlook for an industry looks optimistic during the economic recovery phase.
To explain the process of perception, an example could be an ordinary shoe. The shoe itself is the distal stimulus. When light from the shoe enters a person's eye and stimulates the retina, that stimulation is the proximal stimulus. [9] The image of the shoe reconstructed by the brain of the person is the percept.
These developments spurred economists to reconsider how psychology could be applied to economic models and theories. [9] Concurrently, the Expected utility hypothesis and discounted utility models began to gain acceptance. In challenging the accuracy of generic utility, these concepts established a practice foundational in behavioral economics ...
For example, the temperature modality is registered after heat or cold stimulate a receptor. Some sensory modalities include: light, sound, temperature, taste, pressure, and smell. The type and location of the sensory receptor activated by the stimulus plays the primary role in coding the sensation. All sensory modalities work together to ...
An example of this effect was seen during economic crises such as the 2008 financial crash, when panic induced sell-offs heavily impacted market stability. The period prior to the Great Recession had a "decade-long expansion in US housing market activity peaked in 2006 [4]," which came to a halt in 2007. As the trends prior to 2008 hinted at ...
The lipstick effect is the theory that when facing an economic crisis consumers will be more willing to buy less costly luxury goods. [1] Instead of buying expensive purses and fur coats, for example, people will buy expensive cosmetics, such as high-end brands of lipstick. [2]
In perceptual psychology, a sensory cue is a statistic or signal that can be extracted from the sensory input by a perceiver, that indicates the state of some property of the world that the perceiver is interested in perceiving.