When asked to guess whether Mark is from Montana or California, you guess California because more people live in California. You have used "base rate information" in making your decision.
<h3>What is Base Rate in Psychology?</h3>
Base rate is the frequency of a phenomenon that naturally occurs in a population. Using base rate information, rational decisions are made taking into account the general occurrence in a larger population in favour of the specific incidence in a particular case.
Effects of base rate information are-
- Base rate fallacy, as used in behavioural finance, is the propensity for people to incorrectly assess the likelihood of a situation by ignoring all pertinent information.
- Investors may instead place a greater emphasis on recent information without taking into account how this affects their initial hypotheses.
To know more about the characteristics of an annual percentage rate, here
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Answer:
Perceptual consistency is a tendency that people have that make us assume every similar objects will have a standardized shape, size, colour, or location even if when we look at them from different angles or distance.
For example, hold a coin and take a look at it. Most humans know that coins are circular in shape. Now turn that coin and see it from sideways. From that new perspective, that coin will no longer look circular. But we still know that the coin is circular due to our perceptual consistency.
Answer:
place and region
Explanation:
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Answer:
<em>Three characteristics of family as a primary school group are :-)</em>
Explanation:
- <em>There is a close relationship among family members.</em>
- <em>The members depend on one another.</em>
- <em>The family is small size.</em>
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