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Related Concept Videos

Social Traps01:41

Social Traps

Social traps are negative situations where people get caught in a direction or relationship that later proves to be unpleasant, with no easy way to back out of or avoid. The concept was orignally introduced by John Platt who applied psychology to Garrett Hardin's "Tragedy of the Commons", where in New England herd owners could let their cattle graze in the common ground. This situation seems like a good idea, but an individual could have an advantage. If they owned more cows, the larger...
Persuasion Strategies01:52

Persuasion Strategies

Researchers have tested many persuasion strategies, including the foot-in-the door and the door-in-the-face techniques, in a variety of contexts. Ultimately, the principles are effective in selling products and changing people’s attitude, ideas, and behaviors (Cialdini & Goldstein, 2004).
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the $2,000...
Escape Velocity01:26

Escape Velocity

The escape velocity of an object is defined as the minimum initial velocity that it requires to escape the surface of another object to which it is gravitationally bound and never to return. For example, what would be the minimum velocity at which a satellite should be launched from the Earth's surface such that it just escapes the Earth's gravitational field?
To calculate the escape velocity, it is assumed that no energy is lost to any frictional forces. In practice, a satellite launched from...
Hindsight Biases01:12

Hindsight Biases

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?
Reducing Line Loss01:18

Reducing Line Loss

In a three-phase circuit, line loss is an indicator of energy dissipated as heat due to the resistance of transmission lines. To address this, incorporating transformers into the system—a step-up transformer at the source and a step-down transformer at the load—is a strategic solution. Two three-phase transformers are introduced to improve this.
With a step-up transformer at the source, the voltage is increased, thereby reducing the current in the transmission lines since power loss in...

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Measuring Delay Discounting in Humans Using an Adjusting Amount Task
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Escaping the discount trap

Eric T Anderson1

  • 1Northwestern University, Kellogg School of Management.

Harvard Business Review
|September 7, 2013
PubMed
Summary

No abstract available in PubMed .

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