Having Too Many Alternatives May Demotivate Decision Makers, Which Harms

question 81

Multiple Choice

Having too many alternatives may demotivate decision makers, which harms decision making. This is known as the ________.

• A) bandwagon effect
• B) confirmation bias
• C) paradox of choice
• D) loss aversion effect
• E) confidence bias

Recognize the impact of economic and material conditions on emotional well-being.

Understand the concept and implications of the endowment effect in economic behavior.

Recognize various cognitive biases and their impact on decision-making, including status quo bias, framing effect, and anchoring effect.

Grasp the principles of prospect theory, especially regarding how people value gains and losses.

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Definitions:

Foreclosure

In developmental psychology, it refers to a premature commitment to an identity without adequate exploration of other options.

Psychohistorical Analysis

An interdisciplinary study combining psychology and history to understand historical figures' motivations or how psychological forces shape historical events.

Significant Personalities

Influential individuals whose actions, ideas, or presence have had a profound impact on society or a particular field.

Hitler

Adolf Hitler was a German political leader who became the dictator of Germany from 1933 to 1945, initiating World War II and overseeing fascist policies that resulted in millions of deaths.