Posted in nudging

Nudge with the opt-out default option

Think of a situation where you are automatically enrolled for organ donation when you obtain your vehicle license; however, you have the option to “opt-out”. This is a classic “opt-out” default option. Here, you are being nudged for organ donation. Its counterpart option is “opt-in”. In that situation, the default…

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dissonance
Posted in cognitive biases

What happens in Cognitive Dissonance

In 1957, Leon Festinger put forward the cognitive dissonance. What does “dissonance” mean? The word, “dissonance” refers to either a “lack of agreement” or an “inconsistency”. In cognitive dissonance, we are entering into an internal clash among different cognitions – beliefs, thoughts, or attitudes. Let us be clear this concept…

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social norms
Posted in cognitive biases

False consensus bias: What the minority think…

In fact, many do not; we overestimate in most instances – sometimes, grossly. We falsely – rather erroneously – believe that many are in consensus with us with our judgments, and those who are not in consensus with us are not only a few in number but “deviant” also; this…

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Posted in Behavioral theories

What is Prospect Theory?

Updated on September 11, 2022 When we face different choices (prospects), we take the surest option as our best choice. On the other hand, if we think the available choices (prospects) are a certain or near certain loss, we take risks. This is the basis of Kahneman and Tversky’s Prospect…

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