Consumer Behavior Final Exam Practice – Questions With
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Practice questions for this set
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Providing fewer attributes can reduce cognitive load and improve decisions.
Choose an answer
1 System 1 definition 2 Attribute simplification
3 Anchoring heuristic 4 Endowment effect example
Don't know?
Terms in this set (95)
System 1 definition Fast, automatic, emotional, intuitive thinking.
System 2 definition Slow, analytical, controlled, effortful thinking.
Correlation vs causation Correlation does not prove causation.
People value items more once they own them due to loss
Endowment effect
aversion.
Endowment effect example Valuing a mug more only after receiving it.
Status quo bias Preference for the default because it requires less effort.
Status quo example Sticking with default retirement plan enrollment.
Loss aversion Losses feel more painful than equivalent gains feel good.
Loss aversion example Refusing to sell a stock at a loss.
People evaluate outcomes relative to a reference point; losses
Prospect theory
loom larger than gains.
Framing effect The way information is presented affects decisions.
Framing example "90% fat-free" sounds healthier than "10% fat."
Reliable Solutions
Save
Students also studied
Perio Study DENT 475 - Implant components NBDE II Review - Pro
Teacher 78 terms 42 terms 69 terms
Hunter_Charters Preview gillphil Preview melissa_jarvis7
Practice questions for this set
Learn 1 /7 Study with Learn
Providing fewer attributes can reduce cognitive load and improve decisions.
Choose an answer
1 System 1 definition 2 Attribute simplification
3 Anchoring heuristic 4 Endowment effect example
Don't know?
Terms in this set (95)
System 1 definition Fast, automatic, emotional, intuitive thinking.
System 2 definition Slow, analytical, controlled, effortful thinking.
Correlation vs causation Correlation does not prove causation.
People value items more once they own them due to loss
Endowment effect
aversion.
Endowment effect example Valuing a mug more only after receiving it.
Status quo bias Preference for the default because it requires less effort.
Status quo example Sticking with default retirement plan enrollment.
Loss aversion Losses feel more painful than equivalent gains feel good.
Loss aversion example Refusing to sell a stock at a loss.
People evaluate outcomes relative to a reference point; losses
Prospect theory
loom larger than gains.
Framing effect The way information is presented affects decisions.
Framing example "90% fat-free" sounds healthier than "10% fat."
