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Glossary of Psy 331

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Created by ZhenChen

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Risk Aversion
People are more affected by possible losses than gains
Most humans handle choices in 2 steps
1. Whittling full range of choices to a limited few

2. Careful comparison of the highlighted options.

Most humans handle choices in 2 steps.
1. Whittling full range of choices to a limited few

2. Careful comparison of the highlighted options

Temporal Discounting
What happens now weigh more heavily than what happens in the future
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