In the study Debiasing the Mind Through Meditation: Mindfulness and the Sunk-Cost Bias, the researchers investigate how mindfulness meditation affects our sunk cost biases, which means tendency of people to continue investing money, time, or effort in something only because they invested a lot of money, time, or effort already (Hafenbrack, 2013). By definition sunk cost situation is an event that happened in the past, so when we do not come back to the past in our thoughts, under the law of equilibrium our thoughts are more focused on the present time which positively affects our attention and decision making. Recent studies too showed that thinking about future events (that might not even happen) can negatively affect people`s attention in the present time because they "are influenced by emotions they expect to experience in the future" (Hafenbrack, 2013)....
... middle of paper ...
... according to Dr. Jonathan Schooler, from the University of Santa Barbara in California's department of psychological and brain sciences, "Mind wandering seems to be very useful for planning and creative thought" (Gargiulo, 2013). In addition, Dr. Scott Barry Kaufman (professor of psychology at New York University) stated that problem solving, creativity, goal driven thought, future planning, seeing the perspective of another person need a space in our brain to occur. In support, in the article The Costs and Benefits of Mind-Wandering: A Review, there was a study conducted that reveals the crucial role of mind wandering in problem solving, planning, creativity (Mooneyham, 2013). In this article the author questions whether mind wandering is the real cause of big mistakes we do. It is clear that such phenomena as mind wandering deserves deeper analysis and studying.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Standard costing Even considering the fact that standard costing can create variances between standard cost and actual cost, this system is the most commonly used costing system in all around the world. Standard costing provides easier to predict the cost and understand the cost, and also easier in decision making as well. Standard costing also required less time consuming for the management to record and maintain the system. Standard costing is the system that organized cost for activities and the record to decide the cause for any variances.... [tags: Cost accounting, Cost, Variance, Costs]
935 words (2.7 pages)
- The traditional method for cost accounting alludes to the designation of assembling overhead costs to the product produced. The customary strategy allots or dispenses the industrial facility’s indirect costs to the things made on the premise of volume. For example; they quantity of units created, the immediate work hours or the generation machine hours. By using just machine hours to assign the assembling overhead to products its inferring that the machine hours are the basic reason for the plant overhead.... [tags: Costs, Cost, Activity-based costing, Cost driver]
1134 words (3.2 pages)
- LIPOSUCTION COSTS According to 2013 statistics from the American Society of Plastic Surgeons, the average cost of liposuction in the United States was $2,866. However, it is important to note that this cost does not include anesthesia, operating room facilities, or other related expenses. When calculating the costs of liposuction, keep in mind that there is more to the price of the procedure than paying for the time when the doctor is actually performing it. You will need to budget for use of the surgical facilities, necessary medical tests, anesthesia, prescriptions and post-surgery garments, excess skin removal procedures, and any other follow-up treatment(s) that may be required.... [tags: cost breakdown, procedure, anesthesia]
1241 words (3.5 pages)
- The activity-based cost model (ABC) is kind of method that calculate company’s cost by allocate different activities and verify each cost pools of company. In recent years, ABC model has be used largely by many organisations, some managers believe that ABC model can bring more benefit rather than traditional cost and provide better support for managing organisation. However, some people doubt that ABC model also has limitation and cost to company, and it may not suitable for all types of organisation.... [tags: Cost, Costs, Cost accounting]
729 words (2.1 pages)
- Consciousness is the subjective experience of an individual on the world and the mind, that is utterly private to oneself. The defining feature of this subject is the experience that comes along with it. Although some people might explain it as just being awake that is not necessarily true. The story of Belle Riskin being conscious while going through surgery has also occurred to me. Whenever they were removing my wisdom teeth I was conscious in the middle of it but not for long it was only a few seconds.... [tags: Mind, Consciousness, Psychology, Unconscious mind]
892 words (2.5 pages)
- Cost-benefit analysis is an economic approach decision making that compares the strengths and weaknesses of each choice in order to determine which option will provide the most amount of benefits and the least amount of costs. This method is often applied to decisions that concern the environment as an attempt to determine the value of the environment before following through with decisions to preserve or utilize the environment for resources. Although many economists believe that cost-benefit analysis is an efficient way to make most decisions, some philosophers suggest that certain things, including the environment, have innumerable values, therefore, cost-benefit analysis may not be a rel... [tags: Decision making, Decision theory, Morality, Cost]
1761 words (5 pages)
- The numbers from the above table correspond to the working notes below. Working notes: 1) As the production manager sees no alternative use for the paper, this means that it would not be replaced; as a result scraping the earnings made from stock - £5000. 2) The full cost of the ink bought must be charged to the cost of the leaflets, due to the surplus ink being inaccessible - in terms of not being able to be sold or used. 3) The staff (direct) are presently employed, which means the cost of their wages are reclaimed from the consumer.... [tags: Costs, Cost, Variable cost, Economics]
991 words (2.8 pages)
- The overall purpose of cost accounting is to advise top administration and the management team on the most suitable and cost effective methods and actions to employ based on cost, capability and efficiencies of a given product or service. It can be defined as the method where all the expenditures used during execution of business activities are gathered, categorized, examined and noted down (Horngren & Srikant, 2000). Once these numbers are gathered and recorded the information is used to determine a selling price and/or to identify possible investment opportunities.... [tags: Cost, Cost accounting, Costs, Business]
2272 words (6.5 pages)
- The Cost of Blind Self-deception The Loman’s frequently use self-deception to mentally escape the reality of their lives. Self-deception is the process of denying or rationalizing away the relevance, significance, or importance of opposing evidence. This means the family denies the truth they really live in. Soon enough the oldest son Biff is the only Loman to become self-aware of the toxic reality the family made. Willy is the head of the household. For the most part everyone looks up to him.... [tags: Truth, Mind, Death of a Salesman, Denial]
1315 words (3.8 pages)
- Cost can be divided into fixed and variable and by considering into fact that fixed and variable cost can be unarguably split into two, even though they behave differently based on the level of sales of volumes. Since, cost is used in every field to determine the price of an item and the unit sold. Two of the main components of cost are fixed and variable cost and is used to differentiate between the costs that have no direct correlation to business and those that do. Definition:- Fixed cost is not affected by the changes in the sales, they have slight relationship to the business and they do not change considerably when the sale increase or decrease.... [tags: cost, business,]
898 words (2.6 pages)