Bring back the behavioral science concepts! Doug and Jess walk through six concepts that all relate to making decisions. Those concepts include: chunking, decision fatigue, staging, elimination by aspects, decision inertia, and substitution. Here are the definitions of each (From Behavioral Economics):
- Chunking: When the same information is presented in a different form that is easier to process, our ability to receive and remember it is greater.
- Decision Fatigue: Long sessions of decision making can lead to poor choices.
- Staging: When people make complex or long decisions, such as buying a car, they tend to successively explore their options. This includes what information to focus on, as well as choices between attributes and alternatives.
- Elimination by Aspects: Decision makers gradually reduce the number of alternatives in a choice set, starting with the most important one.
- Decision Inertia: The endurance of a stable state associated with inaction and the concept of status quo bias
Substitution: The strategy of replacing a distant or abstract reward with a more immediate or tangible incentive to motivate individuals to engage in desirable behaviors or achieve long-term goals.
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