Inconsistency in risk preferences: a psychophysical anomaly

Instinctive drift refers to the tendency of animals to revert to their innate behaviors despite repeated reinforcement. Breland and Breland demonstrated this concept in an experiment with a raccoon. The raccoon was trained to pick up two coins and place them in a container in exchange for food. Initially, the raccoon learned to associate the coins with food, making them a conditioned stimulus or a substitute for food. However, over time, the raccoon became less willing to put the coins into the...

Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now?

One influential perspective on what motivates people's behavior is detailed in Tory Higgin's self-discrepancy theory (Higgins, 1987). He proposed that people hold disagreeing internal representations of themselves that lead to different emotional states.

Regression toward the mean (“RTM”) is a phenomenon in which extremely high or low values—for example, and individual’s blood pressure at a particular moment—appear closer to a group’s average upon remeasuring. Although this statistical peculiarity is the result of random error and chance, it has been problematic across various medical, scientific, financial and psychological applications. In particular, RTM, if not taken into account, can interfere when researchers try to extrapolate results...

Perceptual constancy is the ability to recognize that objects remain consistent and unchanged even when their appearance varies due to changes in sensory input. There are four main types of perceptual constancy: size constancy, shape constancy, color constancy, and brightness constancy.
Size constancy is the recognition that an object remains the same size, even when its image on the retina changes. For instance, a bus is perceived to be large enough to carry people, even if it looks tiny from...

Social psychologists have documented that feeling good about ourselves and maintaining positive self-esteem is a powerful motivator of human behavior (Tavris & Aronson, 2008). In the United States, members of the predominant culture typically think very highly of themselves and view themselves as good people who are above average on many desirable traits (Ehrlinger, Gilovich, & Ross, 2005). Often, our behavior, attitudes, and beliefs are affected when we experience a threat to our...