The High Price of Ownership and Cheating

Essay Questions #11
Name
Professor
Institution
1 What group in Ariely’s classes did the best on their papers? (see the chapter on self-control and procrastination) Why did they do the best?
The third group is arguably the one that performed well on their papers. This is because they were expected to deliver by a certain week. The point here is that the students themselves effectively dealt with procrastination. Procrastination is often one of the biggest problems facing students when handling assignments. Setting timelines and deadlines and then giving them time to do the work makes it easier to combat procrastination. By using tools such as precommitment ones, a student can set and abide by the deadline.
2 What is the endowment effect (the high price of ownership)? Why does it take place, according to Ariely?
According to Ariely, the endowment effect is a product of loss aversion. When an individual assigns more value to something they own than a similar thing they do not own, this results from the attachment developed over time. People often feel that they risk losing more than just what they paid for a given thing due to getting used to the same.
3 What were the results of the door game? (Chapter on “Keeping Door’s Open) Why are these results significant?
The result was that the participants' performance in making money went down as they spent some of their focus on preventing the door from closing. This is clearly what happens when one diverts their focus from the main objective. There will always be that deviation that often brings about less efficiency or even a complete stall on the performance of the initial primary objective. People are usually quite ready to work on what satisfies their personal needs. When other equally important options arise, they become confused and irrational.
4 How do expectations change our behavior? In your answer, explain the results of Ariely's beer study with vinegar.
One group took vinegar beer from the beer study, while the other took beer with no vinegar. One group had not been informed of the beer’s content, while the other had been informed. This resulted in the group knowing the contents and opting for the regular beer. The conclusion is that people’s expectations and expectations of their experiences are usually complementary and intertwined. One feeds into another. That is how expectations change behavior.
5 How does price influence the impact of placebos? Why does this happen?
When the cost of the placebos dropped, there was less impact on the users. The point is that when the cost of something is high, the users usually feel more satisfaction after using it compared to when it is low. In other terms, people often attach the effectiveness of something to the costs of those things. The more complicated or taxing it is to get something, the more one's mind feels it is the most effective thing. This has been happening since ancient times.
6 According to Ariely, why is it that when people can cheat they only cheat a little bit? Use the film Dis (honesty): The Truth About Lies in your answer.
Ari...