Psych 350 1st Edition Lecture 26 Outline of Last Lecture I. Eye Witness TestimonyOutline of Current Lecture I. Jury DeliberationsII. Industrial/ Organizational PsychologyIII. Mixed effect of interviewsIV. Increasing TipsV. Social Influences in the Stock MarketVI. Investment StrategiesCurrent LectureI. Jury Deliberationsa. Conformity revisited- 2 elements (combination)- Informational Influence (believe everyone else is correct)- Normative Influence (Not wanting to stick out so they conform)II. Industrial/ Organizational Psychologya. The study of human behavior in the workplaceThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.b. Hawthorne plant studies (1927) found that simply observing workers increased their productivity- “Hawthorne effect”III. Mixed effect of interviewsa. Diminish the tendency to make simple stereotyped judgments- However, they introduce a physical attractiveness biasb. Interviewees often fake how they present themselvesIV. Increasing Tipsa. Induce positive mood- Revisit effect of positive mood on helpingb. Study: bartenders made more tips if they included a joke card with the billc. Study: Waitresses who introduced themselves by name made 23% in tips, compared to 15% for those who did notd. Remember the fundamental attribution error- Online presence (Social Media)V. Social Influences in the Stock Marketa. Market timing: tends to sell during the lows, and buy during the highs of the marketb. Conformity revisitedVI. Investment Strategiesa. Avoid making biased decisions by doing the following:- Start saving early- Diversify- Invest in mutual funds rather than individual stocks- Set up a payroll deduction plan- Pay off credit card
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