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Medvec and Savitsky studied satisfaction of college students based on whether their grade barely missed the cut off versus if they had barely made the cutoff for a category. Students that barely made it into a grade category tended to downward counterfactual think and were more satisfied, thinking it could have been worse.
The woman then attempts to explain what really happened. The "neat" 3-part structure and the unresolved conclusion make this example 'legendary'. Sometimes these stories are adapted from real situations, and students are sometimes asked to work out the legal issues involved. [16] In this context, jumping to conclusions is a theme of urban legends.
The tendency to judge a decision by its eventual outcome instead of the quality of the decision at the time it was made. Pessimism bias: The tendency for some people, especially those with depression, to overestimate the likelihood of negative things happening to them. (compare optimism bias) Present bias
This was illustrated in a case study by Staw, where providing business students with manipulated responsibilities for initial decisions and their outcomes resulted in the greatest commitment to increased actions and resources when the initial decision assigned was made directly by the student with poor outcomes. [1]
Delaying tactics can be employed, either intentionally or subconsciously, as a coping mechanism to avoid making difficult decisions or performing unpleasant tasks. [6] The reasons that an individual may use delay tactics may vary, but motivations often include maintaining control and avoiding change; especially when this change is unwanted.
Status quo bias has been attributed to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.An individual weighs the potential losses of switching from the status quo more heavily than the potential gains; this is due to the prospect theory value function being steeper in the loss domain. [1]
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Sample flowchart representing a decision process when confronted with a lamp that fails to light. In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.