Economic Decision Making - Social Psychology Lecture 13 Part 5

Описание: In this video, we explore the Economic Decision-Making section from Lecture 13, where we apply social-psychological insights to real-world financial behavior.

📌 Topics Covered:
The Symbolic Power of Money: How mere reminders of money change our self-sufficiency, independence, and responses to social rejection.
Social Influences in the Stock Market: Why investors often follow the herd—fear, greed, contagion, and the endowment effect—and how rumors and media can trigger self-fulfilling prophecies in asset prices.
Commitment, Entrapment & Escalation: What drives us to throw good money after bad, how loss aversion and personal responsibility fuel the escalation effect, and strategies for avoiding the sunk-cost trap.
Principles for Better Decisions: Why only future costs and benefits matter (sunk‐cost principle), and practical de-escalation techniques to keep us from over-investing in failing courses of action.

📖 Reference:
Kassin, S., Fein, S., & Markus, H. (2015). Social psychology (10th ed.). Boston: Cengage Learning.

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