Occurs when an individual becomes so lost in the process of examining and evaluating various points of data that he or she is unable to make a decision with it. Analysis paralysis can occur with many decisions, including investment decisions such as buying or selling securities. The inaction it causes can easily lead to losses …
A cognitive bias where decision making is affected by a lack of information, or “ambiguity”. The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown. Key Takeaways: Underspecify certain features, flexible features that …
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It has been conjectured that a full WM processing sequence from input to output, called a “cognitive cycle,” takes a minimum of 200 msec (Baars & Franklin, 2003). This is equivalent to a maximum of about four or five decisions or goal formations or executions per second. In EMI, during episodic model generation, users may …
is an emergent economy existing in a virtual persistent world, usually exchanging virtual goods in the context of an Internet game. People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual economies lack the aspects of a real economy that are not considered to be “fun” (for instance, avatars …