Master Chess Players Can Make Correct Game Moves at Such

question 123

Multiple Choice

Master chess players can make correct game moves at such speed that their acquired expertise feels like

• A) an algorithm.
• B) a prototype.
• C) extrinsic motivation.
• D) intuition.

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Definitions:

Endowment Effect

The tendency people have to place higher valuations on items they possess (are endowed with) than on identical items that they do not possess; perhaps caused by loss aversion.

Behavioral Economists

Economists who study how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions.

Inconsistent Anchoring

A cognitive bias where individuals rely too heavily on an initial piece of information (anchor) to make subsequent judgments but inconsistently adjust away from that anchor.

Prospect Theory

A behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known.