expected value notes.docx

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Business Admin:Marketing & Log
BUSML 4201
Robert Smith

Feeling I: expected value Note: Italics and Bold typed are the concepts that I think may appear on the exam A. Terminology - Feelings (AKAattitude in social psychology):  positive and negative evaluations to determine what to avoid and approach - Expected value: rational feeling - Affect: emotions, moods etc. - Attitudes and stereotype: stored evaluations (schema/internal model) - What’s the difference between affect and expected value? B. Expected value 1) Formula: sum of (importance * perception) 2) Nature of expected value - flexible: can be changed by beliefs, values, salience (recall internal model) - trigger emotions (sort of like the valence in belief) - STM [refer the equation, it requires perception, which is a conscious process) - verbal/rational (See definition of expected value) - Combination of belief and value (vary across people) [can remember based upon the formula of expected value] 3) Formation of expected value - Informational acceptance  association between objects and attributes (see Fig 1) - Implicit evaluation:  evaluation: evaluate the attribute (valence) e.g. good or bad, awesome or sucks (Fig 2)  implicit: subconscious - Information integration: summation (compensatory model)  positive attributes can compensate negative attributes of a concept, vice versa
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