Heuristics and biases
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goal is to study intuitions about uncertainty and the extent to which they
were compatible with normative probability calculations
attention as the scares resource
-two types
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, -conscious attention is the scarce resource for decision makers
1. voluntary- attention to info that individuals perceive is relevant to current
goals
2. involuntary- attention to aspects of the environment that are novel,
unexpected, potentially threatening, or otherwise affected related, or
perceptually salient
information-processing approach to decision research
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-focuses on the process of judgement and uses methods to trace decision
processing
-emphasizes the need to replace standard economic assumptions about
rational decision making with assumptions compatible with human
memories and computational capacities
-people only exhibit bounded rationality
Contributions of heuristics + biases research
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-new perspective on judgement under uncertainty
-evidence that humans' reasoning and decision-making capabilities= prone
to systematic errors
-challenged the assumptions of economic theory and rationality
-method to study probability judgments
Normative models of JDM
-what are they
, -the goals
-where do they originate
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-they are mathematical models that allow us to evaluate a judgement
-goal-compare and improve judgements to standards that allow
evaluations
-originate from probability theory, utility theory, and statistics
similarity effect
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the effect, on choice probabilities, produced by adding a competitive
option D to the choices of A and C
-D is very similar to C (C likeliness to be chosen decreased as likeliness of A
is unaffected)
-violated 'independence of irrelevant alternatives"
two major types of models
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-feedforward models- learning from experiences
-recursive models- performance is key
compromise effect
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Give this one a try later!
goal is to study intuitions about uncertainty and the extent to which they
were compatible with normative probability calculations
attention as the scares resource
-two types
Give this one a try later!
, -conscious attention is the scarce resource for decision makers
1. voluntary- attention to info that individuals perceive is relevant to current
goals
2. involuntary- attention to aspects of the environment that are novel,
unexpected, potentially threatening, or otherwise affected related, or
perceptually salient
information-processing approach to decision research
Give this one a try later!
-focuses on the process of judgement and uses methods to trace decision
processing
-emphasizes the need to replace standard economic assumptions about
rational decision making with assumptions compatible with human
memories and computational capacities
-people only exhibit bounded rationality
Contributions of heuristics + biases research
Give this one a try later!
-new perspective on judgement under uncertainty
-evidence that humans' reasoning and decision-making capabilities= prone
to systematic errors
-challenged the assumptions of economic theory and rationality
-method to study probability judgments
Normative models of JDM
-what are they
, -the goals
-where do they originate
Give this one a try later!
-they are mathematical models that allow us to evaluate a judgement
-goal-compare and improve judgements to standards that allow
evaluations
-originate from probability theory, utility theory, and statistics
similarity effect
Give this one a try later!
the effect, on choice probabilities, produced by adding a competitive
option D to the choices of A and C
-D is very similar to C (C likeliness to be chosen decreased as likeliness of A
is unaffected)
-violated 'independence of irrelevant alternatives"
two major types of models
Give this one a try later!
-feedforward models- learning from experiences
-recursive models- performance is key
compromise effect
Give this one a try later!
