Even Though She Is Not in Desperate Need of Boots

question 88

Multiple Choice

Even though she is not in desperate need of boots, Ellen says that she would rather buy a pair of boots today (for $200) rather than wait two weeks, when they will be on sale for half the price. Ellen's decision most likely involves ____.

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

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Definitions:

Factor Analysis

A statistical method used to identify underlying variables, or factors, that explain the pattern of correlations within a set of observed variables.

Spearman

Refers to Charles Spearman, a British psychologist who is best known for his work in statistics and intelligence, including the concept of the general intelligence factor "g".

Intelligence

The ability to acquire, understand, and use knowledge effectively, including the capacity for logic, reasoning, problem solving, and learning.

Triarchic Theory

A theory of intelligence proposed by Robert Sternberg, which suggests that human intelligence comprises three aspects: analytical, creative, and practical intelligence.