High-effort judgment and decision making

High-effort judgment and decision making

1. Judgment processes

   • Judgment
     • evaluation or stimate of likelihhod o an outcome
   • affected by
     • Estimation of likelihood
       • how likely it is that something will occur
     • Judgments of goodness/badness
       • evaluates the desirability of something
     • anchoring and adjustment process
       • starting with an initial evalation and adjusting it with additional info
     • Imagery
       • imagining an event
   • Biases
     • Confirmation bias
       • overweight judgments that confirm previous info
     • Self-positivity bias
       • bad things are more likely to happen to others
     • Negativity bias
       • negative aspects weight more than positive ones
     • Mood
     • Prior brand evaluation

2. Decisions

   • which brands to consider
     • Ineptset
       • unacceptable options
     • Inert set
       • indifferent options
     • Consideration set
       • top-of-mind brands
     • *Attraction effect
       • when adding inferior brands in a consideration set, increases the atractiveness of the dominant brand
   • Which criteria are important to the choice
     • Goals
       • promotion focused consumers
         • emphasis on their skills
       • prevention focused consumers
         • emphasis on product´s efficacy
     • Time
       • short term
         • low level construals
           • specific
       • long term
         • high level construals
           • abstract
     • Framing
       • initial reference point
   • What brand to choose
     • Cognitive models
       • Compensatory model
         • cost/benefit analysis
       • Non compensatory model
         • negative info leads to rejection of an offer
         • cutoff levels
     • Affective models
       • Appraisal
         • our emotions are determined by how we view the situation
       • Affective forecasts
         • prediction of how you will feel in the future
       • Imagery
   • based on
     • Brands
       • brand processing
         • evaluate one brand at a time
       • multiattribute expectancy-value model
         • brand-based compensatory model
       • conjuctive model
         • non compensatory model
       • disjunctive model
         • non compensatory model that sets acceptable cutoffs
     • Product attributes
       • attribute processing
         • compares brands, one attribute at a time
       • additive difference model
         • compensatory model
         • compared by attributes, 2 brands at a time
       • lexicographic model
         • non compensatory model
         • compares brands by attributes, on at a time in order of importance
       • elimination by aspects model
         • similar to lexicographic model
         • options below the cutoff level are eliminated until one remains
     • gains and losses
       • endowment effect
         • ownership (and loss) increases the value of an item
   • Additional decisions
     • decision delay
       • risky
       • uncertain
     • non comparable decisions
       • develop
         • alternative based stategy
           • compensatory strategy
           • affective strategy
         • ttribute based strategy
           • formation of abstract representation
   • are affected by
     • consumer characteristics
       • expertise
         • undestands preferences
         • use brand-base decision estrategies
       • mood
         • good mood
           • closer interest/attention
         • influence judge
       • time presure
         • faster info proccess
         • fewer attributes
         • more weight in negative info
       • extremeness aversion
         • preference for moderate levels of attributes
           • compromise effect
           • attribute balancing
       • metacognitive experiences
         • how the info is processed beyond the content of the decision
     • Characteristics of the decision
       • information availabilty
         • amount
         • quality
         • format
       • information format
       • trivial attributes
         • justifies the decision
     • Group context
       • individual-group goals
         • self presentation
           • unique choices
             • + epress individuality
           • similar choices
             • to blend in
         • minimizing regret
           • risk averse
             • similar choices
         • information gathering
           • if its a priority
             • results in variety