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The Heinz dilemma is a frequently used example in many ethics and morality classes. One well-known version of the dilemma, used in Lawrence Kohlberg 's stages of moral development, is stated as follows: [ 1] A woman was on her deathbed. There was one drug that the doctors said would save her. It was a form of radium that a druggist in the same ...
Change-making problem. The change-making problem addresses the question of finding the minimum number of coins (of certain denominations) that add up to a given amount of money. It is a special case of the integer knapsack problem, and has applications wider than just currency. It is also the most common variation of the coin change problem, a ...
Anti-consumerism. Buyer's remorse is the sense of regret after having made a purchase. It is frequently associated with the purchase of an expensive item such as a vehicle or real estate. Buyer's remorse is thought to stem from cognitive dissonance, specifically post-decision dissonance, that arises when a person must make a difficult decision ...
Rationality is the quality of being guided by or based on reason. In this regard, a person acts rationally if they have a good reason for what they do, or a belief is rational if it is based on strong evidence. This quality can apply to an ability, as in a rational animal, to a psychological process, like reasoning, to mental states, such as ...
Individuals make no difference to the outcome, “much as single molecules make no difference to the properties of the gas" (Herbert, G). This is a weakness of rational choice theory as it shows that in situations such as voting in an election, the rational decision for the individual would be to not vote as their vote makes no difference to ...
A psychic cost is a subset of social costs that specifically represent the costs of added stress or losses to quality of life. [1] In managerial economics and marketing, psychic costs "measure the stress of having to think about a transaction". In the early 2000s, one of the important psychic costs are the "search costs" of hunting for content ...
Markets change, meaning your portfolio will need to change as well. Not doing so can lead to losses you might not have expected. Returns will fluctuate, as will their weighting in your portfolio.
Meaning-making. In psychology, meaning-making is the process of how people construe, understand, or make sense of life events, relationships, and the self. [ 1] The term is widely used in constructivist approaches to counseling psychology and psychotherapy, [ 2] especially during bereavement in which people attribute some sort of meaning to an ...