PSY3051 Lecture Notes - Lecture 10: Mental Model, Ultimatum Game, Utility

• School: Monash University
• Department: Health Sciences - Psychology
• Course: PSY3051
• Professor: jake hoskin

Document Summary

Myside bias: tendency for people to generate and evaluate evidence and test their hypotheses in a way that is biased toward their own opinions and attitudes. Expected utility theory: assumes that people are basically rational. If people have all the relevant info, they will make a decision that results in the maximum e(cid:454)pe(cid:272)ted utilit(cid:455), (cid:449)here utilit(cid:455) refers to out(cid:272)o(cid:373)es that a(cid:272)hie(cid:448)e a perso(cid:374)"s goals. People inaccurately predict their emotions: expected emotions: emotions that people predict they will feel for a particular outcome. Is it a determinant of risk aversion tendency to avoid taking risks. Incidental emotions: emotions that are not caused by having to make a decision. Can be related to a perso(cid:374)"s ge(cid:374)eral dispositio(cid:374), so(cid:373)ethi(cid:374)g that happe(cid:374)ed earlier i(cid:374) the da(cid:455), or the general environment such as background music being played in a game show or the yells of a game show audience.