We make thousands of decisions every day. However, how many of you have actually taken classes in decision making? What do you know about the process of making decisions? Why should we know more about decision making psychology? We are surrounded with choices. Our alarm clock rings in the morning and we already must make our [...]
Richard Thaler, an American economist at the University of Chicago, received Nobel Memorial Prize in Economic Sciences in 2017 for his contribution to behavioral economics. He examines why people don’t always make rational decisions as economic theories often assume. He also pays attention to notions of fairness and lack of self-control. His findings have influenced the [...]
“For the next five minutes, please try not to think about white bears.” In 1985, Daniel Wegner, currently a psychology professor at Harvard University, started his first experiment about thought suppression with the sentence above. Paradoxically, the participants could not stop thinking about white bears! Wegner called this effect ironic rebound. The more we [...]