Question

You matched with someone who seemed to be pretty on Tinder/Bumble, you asked them over to your place for a date. You meet, and they don’t turn out to be as attractive as their pictures made them look. You still proceeded with the date even though you usually do not go out with someone like that (personality wise). Which psychological bias explains your behavior, how is it different than what traditional economics would say?

Answer 1

In this case, Framing Cognitive Bias explains my behavior, because here, I made a decision on the basis of the information presented to me, i.e., pictures presented on Tinder/Bumble, before meeting them physically. From the pictures on Tinder/Bumble I thought that these guys are very attractive and decided to have a date with them. But when met them physically I came to a different conclusion that they are not as attractive as their photo. I still proceeded with the date even though I usually do not like to go out with someone less attractive. So the psychological bias that explains my behavior is "Framing Cognitive Bias".

Yes, it is different than what traditional economics says. Traditional economics theory states that people take good decisions when they have experience and good information. For example, choosing a flavored potato chips, among a variety of flavors. People can make a good choice when the flavors are known to them but sometimes they make a bad choice due to insufficient information. When they are new to a flavor, have no much idea about it, in that case if they choose it, may not give them enough satisfaction.

In case of Framing Cognitive Bias, decisions are made on the basis of the information presented to people, it may not match with the fact. So a person can not take right decision on the basis of this information available to him, he must have prior experience or have the judgement quality to rightly judge the information and take decision after that. In this sense, it differs from traditional economics.