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Also known as current moment bias or present bias, and related to Dynamic inconsistency. A good example of this is a study showed that when making food choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate.
The extent of the delay between encoding is a potential factor that could affect choice-supportive bias. If there is a larger delay between encoding (i.e. viewing the information about the options) and retrieval (i.e. memory tests) it is likely to result in more biased choices rather than the impact of the actual choice on choice-supportive ...
In status quo bias, a decision-maker has the increased propensity to choose an option because it is the default option or status quo. Has been shown to affect various important economic decisions, for example, a choice of car insurance or electrical service. [32] Overconfidence effect
Choice architecture is the design of different ways in which choices can be presented to decision makers, and the impact of that presentation on decision-making. For example, each of the following: the number of choices presented [1] the manner in which attributes are described [2] the presence of a "default" [3] [4] can influence consumer choice.
This concern was in the schools not wanting to besmirch their reputations by teaching poor women or women of color. Black medical and training facilities were established to serve the black community. While women were able to now seek education in nursing as well as jobs, race and class divisions remained. [9]
The halo effect is a perception distortion (or cognitive bias) that affects the way people interpret the information about someone with whom they have formed a positive gestalt. [11] An example of the halo effect is when a person finds out someone they have formed a positive gestalt with has cheated on their taxes.
In studies of the bias, options are presented in terms of the probability of either losses or gains. While differently expressed, the options described are in effect identical. Gain and loss are defined in the scenario as descriptions of outcomes, for example, lives lost or saved, patients treated or not treated, monetary gains or losses. [2]
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]