PSYC2013 Lecture Notes - Lecture 1: Decision-Making, Hyperbolic Function, Availability Heuristic
27 Dec 2018
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Document Summary
Decision making : choosing between options on the basis of the available information. Contrasts with reasoning , which derives new conclusions from available information, but. Requires judgement - what are the values of these options? reasoning and decision making are often intertwined. Judgement : deciding on the likelihood of various events using incomplete information. Ex: you might use information about your previous examination performance to work out the probability you will succeed in your next examination. Factors involved in decision making depend on the importance of the decision. Ex: the processes involved in deciding which career path to follow are much more complex and time-consuming than those involved in deciding whether to drink coke or pepsi. We assess the quality of our decisions in terms of consequences. A decision can be good on the information available when it is made even if it seems poor in terms of its consequences (ex: the operation was a success.
