MHR 322 Final EXAM, SOLUTIONS (MULTIPLE
CHOICES) (A+ GRADED 100% VERIFIED) LATEST
VERSION 2026!!
Save
Terms in this set (256)
psychology of gains and losses x axis is objective gains, y axis is subjective,
individuals are sensitive to gains and losses, better
at judging changes than absolute value, reference
points matter
individuals sensitive to gains and temperature changes from hot to cold is a lot
losses easier than guessing an exact temp
reference points matter gains & losses are evaluated against current state,
current state is different by individual, current state
changes
current state changes not wearing shorts at 50 degrees going into winter
but in April 50 degrees people wear shorts
decreasing marginal sensitivity marginal impact is declining for both increases and
decreases, wouldn't be twice as happy after
winning once
, aversion to loss equal value losses hurt more than the same gain,
double or nothing game is never fun because
losing is a lot worse than winning once
the endowment effect people value items in their possession more than
they value items not in their possession, only 10% of
students traded mug and chocolate bar
additional trade off complexities timing, certainty, ability to quantify
the developer's curse self-selection, a clash in perspectives, the curse of
knowledge
self selection typical innovator is not typical consumer, benefit in
being ahead of the curve visionary, but may be
dead before the curve catches up
a clash in perspectives typical customer will overweigh the benefits of the
status quo by 2-3 times, typical developer will
overweigh the benefits of the new product by 2-3
times views it as status quo, results in huge 4-9
times gap, blindsided that not everyone loves the
product
curse of knowledge years of experience with the concept vs seeing it
for the first time, recognize the need vs unaware of
the need, convinced that it works vs skeptical
capturing value from innovations lots of value from customer without making them
change much
strike out quadrant behavioral change required HIGH
product change involved LOW
CHOICES) (A+ GRADED 100% VERIFIED) LATEST
VERSION 2026!!
Save
Terms in this set (256)
psychology of gains and losses x axis is objective gains, y axis is subjective,
individuals are sensitive to gains and losses, better
at judging changes than absolute value, reference
points matter
individuals sensitive to gains and temperature changes from hot to cold is a lot
losses easier than guessing an exact temp
reference points matter gains & losses are evaluated against current state,
current state is different by individual, current state
changes
current state changes not wearing shorts at 50 degrees going into winter
but in April 50 degrees people wear shorts
decreasing marginal sensitivity marginal impact is declining for both increases and
decreases, wouldn't be twice as happy after
winning once
, aversion to loss equal value losses hurt more than the same gain,
double or nothing game is never fun because
losing is a lot worse than winning once
the endowment effect people value items in their possession more than
they value items not in their possession, only 10% of
students traded mug and chocolate bar
additional trade off complexities timing, certainty, ability to quantify
the developer's curse self-selection, a clash in perspectives, the curse of
knowledge
self selection typical innovator is not typical consumer, benefit in
being ahead of the curve visionary, but may be
dead before the curve catches up
a clash in perspectives typical customer will overweigh the benefits of the
status quo by 2-3 times, typical developer will
overweigh the benefits of the new product by 2-3
times views it as status quo, results in huge 4-9
times gap, blindsided that not everyone loves the
product
curse of knowledge years of experience with the concept vs seeing it
for the first time, recognize the need vs unaware of
the need, convinced that it works vs skeptical
capturing value from innovations lots of value from customer without making them
change much
strike out quadrant behavioral change required HIGH
product change involved LOW
