The Principle of ________, Introduced by Alfred Sloan, Jr

question 4

Short Answer

The principle of ________, introduced by Alfred Sloan, Jr., of General Motors, prompts consumers to discard their possessions not because of loss of utility but rather because of loss of status.

---

Definitions:

Bystander Effect

In social psychology, this refers to the occurrence where people are less inclined to provide aid to someone in distress if there are others present.

Social Loafing

The tendency for individuals to exert less effort when working in a group than when working alone.

Illusory Correlation

Illusory correlation is the cognitive bias of perceiving a relationship between variables, typically events or behaviors, even when no such relationship exists.

Censoring Dissent

The act of suppressing opinions that are contrary to those of the majority or in power, often seen in political, social, or cultural contexts.