ULTIMATE UX DICTIONARY
The Ulysses Strategy
Built on behavioral finance insights, the Ulysses Strategy requires clients to pre-commit to a rational investment plan. The phrase “Ulysses contract” derives from a strategy that Ulysses adopted on his journey home from the Trojan wars, which took him and his ship’s crew close to the Sirenusian islands. The islands were famous for being home …
FBM: Fogg Behavioral Model
(FBM), behavior is a product of three factors: motivation, ability, and triggers, each of which has subcomponents. The FBM asserts that for a person to perform a target behavior, he or she must (1) be sufficiently motivated, (2) have the ability to perform the behavior, and (3) be triggered to perform the behavior. These three …
Bisociation (aka combitorial creativity)
a creative act of two or more apparently incompatible frames of thought
Hyperbolic Discounting
A cognitive bias in which people value things that they can get NOW more than things of greater value they might get in the future. This is because at a deep emotional level, driven by the limbic system, we seek immediate gain to give us instant gratification. Rational evaluation of longer-term gains on the other …
FBM: Ability Simplicity Chain
Time- If a target behavior requires time and we don’t have time available, then the behavior is not simple. Money – a target behavior that costs money is not simple. That link in the simplicity chain will break easily. For wealthy people, this link in the chain rarely breaks. In fact, some people will simplify …