People Tend to Say That They Would Prefer to Have

question 170

Multiple Choice

People tend to say that they would prefer to have $1000 today rather than $1200 two weeks from now-even though, logically, they would be better off with the $1200 in two weeks. The phenomena underlying this tendency is known as ____.

• A) risk aversion
• B) the certainty effect
• C) temporal discounting
• D) the status quo bias

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Definitions:

Independent Variable

In scientific research, the variable that is manipulated or changed to observe its effect on a dependent variable.

Group Therapy Sessions

Psychotherapy that involves treating multiple clients together in a group setting.

Dependent Variable

The variable in an experiment that is expected to change in response to manipulations of the independent variable.

Control Group

In experimental research, a group of subjects who do not receive the experimental treatment and are used as a benchmark to measure the effect of the treatment.