Vision IQ

Discovery of the Endowment Effect The concept of the Endowment Effect was first identified and described by psychologist Richard Thaler in 1980. Thaler observed that people would demand much more to give up an object they owned than they would be willing to pay to acquire the same object if they did not already own it. This insight was pivotal in the development of behavioural economics, challenging the traditional economic theory that assumes people always act rationally to maximise their utility. Definition of the Endowment Effect The Endowment Effect is a cognitive bias where individuals ascribe more value to objects, goods, or items simply because they own them. This phenomenon leads people to overvalue their possessions compared to their objective market value or how they might value the same items if they did not own them. Critical Characteristics and Contributing Factors Following are some critical characteristics of the Endowment Effect and contributing factors:   Ownership : T

Discovery of Ambiguity Aversion The concept of ambiguity aversion was first formally identified by economist Daniel Ellsberg in his seminal 1961 paper, famously known as the "Ellsberg Paradox." Through a series of thought experiments, Ellsberg demonstrated that people prefer to bet on outcomes with known probabilities rather than on outcomes where the probabilities are unknown, even when the expected returns are identical. His experiments involved scenarios where participants had to choose between betting on the outcome of draws from urns with known and unknown distributions of coloured balls, revealing a systematic preference for quantifiable risks over ambiguous ones. Definition of Ambiguity Aversion Ambiguity aversion refers to our inclination to shy away from choices with unclear or uncertain outcomes. We tend to favour options where the potential consequences are well-defined and understood. Ambiguity aversion, a concept primarily rooted in behavioural economics and deci

T here is an old story. A knowledge-thirsty student went to a renowned guru to learn philosophy. The learned guru kept him waiting for a long time. The young man was playful and impatient, and his patience began to wear thin. Seeing his condition, the guru said that he would be tested to determine if he was a worthy disciple. The guru gave him a book and instructed him to read it thoroughly and return after a week.   The enthusiastic student diligently read the book and appeared fully confident and prepared before the guru's feet on the appointed day. When the guru asked, the student replied that he had thoroughly understood the book's subject matter. The guru pondered silently for a while, and the student mentally reviewed the philosophical principles studied in the book. Finally, the guru instructed him to read the book again and return after a month. The student was somewhat disheartened but obeyed and diligently read the book repeatedly over the month. This time, he explain

H ave you ever seen a silkworm? If you have, that is great; it will help you understand my point more quickly. But even if you haven't, don't worry; you'll still grasp the essence of what I'm saying. Life's significance doesn't lie in the span of time, contrary to what many people think. Rather, it is found in the richness of experiences that envelop our existence, much like silk encases a silkworm. In this analogy, the silkworm itself, destined to be discarded, is of little importance. It is the silk—the experiences that weave around our lives—that holds actual worth. Engaging deeply with these experiences, incorporating them into our conscious and subconscious minds, and deciphering the lessons they impart is an intricate art. This process is vital as it cultivates wisdom, which is then passed down through generations, animating cultures across the globe. Let me share an incident. The story is old, but its essence is timeless. The Doon School decided to suppor

Daniel Kahneman and Amos Tversky pioneered the concept of the framing effect in the 1970s and early 1980s. Their research, which led to the formulation of Prospect Theory, highlighted how people make decisions involving risk and uncertainty. They demonstrated that the way choices are framed-as losses or gains-can significantly influence the decisions people make, even if the outcomes are quantitatively equivalent. Definition of the Framing Effect: The Framing Effect refers to a cognitive bias in which people's choices are significantly influenced by how information is presented rather than solely by the information itself. This effect underscores the importance of phrasing, context, or the emotional setting in which data is conveyed, demonstrating that the format of presentation can alter decisions dramatically. This phenomenon is critical in understanding how individuals and groups can arrive at different conclusions or actions based on the same factual content, simply framed in v

The Barnum Effect, also known as the Forer Effect, is a psychological phenomenon that illustrates a unique facet of human cognition: the tendency of individuals to accept vague, general, and ambiguous statements as being highly accurate and personally relevant, even though these statements could apply to a broad spectrum of people. This cognitive bias is particularly intriguing as it reveals how individuals seek personal meaning in broad observations, often overlooking their generality. The phenomenon is named after the 19th-century American showman P.T. Barnum, known for his adeptness in appealing to the public's gullibility, and psychologist Bertram R. Forer, who formally identified this effect through an experiment. Discovery and Experimental Illustration by Forer The Barnum Effect was first formally identified and demonstrated by psychologist Bertram R. Forer in 1948. Forer gave his students a personality test in a classic experiment, claiming that they would receive individual

Introduction In education, where the primary focus is nurturing young minds and fostering an environment conducive to learning, a somewhat overlooked facet exists in cultivating one's professional identity. In this age of digital connectedness and constant exposure, the concept of self-branding has taken on heightened importance. Drawing from the vast wealth of experience in education, let's explore the nuanced art of self-branding for educators. Unveiling the Individual Professional Identity To commence our exploration, we must grasp the essence of self-branding. Self-branding involves a conscious effort to project oneself into the professional sphere, meticulously cultivating one's career image. For educators, self-branding exceeds mere self-promotion; it entails showcasing unique qualities, strengths, and philosophies that distinguish them in the educational landscape. The Concept of Self-Branding: Self-branding is the art of developing a distinctive professional identit