PSYC 213 Lecture Notes - Lecture 19: Satisficing, Impulsivity, Loss Aversion
23 Jan 2016
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Document Summary
Decision-making applied to different content: economic, political, social, consumer, etc . Perceptual decision-making : different inputs, different from the 3 others. Distinguish from: what is it? (perceptual decision, hoe do i get it? (action selection, related concepts. Decision-makers are rational agents who act to maximize value. Expected value = 50$ x 0. 40 = 20$ Used very much in order to help ppl make decision, use of dollars . Systematic influence of the frame on objectively identical choices: risk-taking in the loss frame (you lose , risk-averse in the fain frame (you keep ) A variety of biases (deviations from rationality) can be demonstrated in decision-making: loss aversion, risk aversion, framing effect. Can also consider counterfactual outcomes: the road not taken. Update your value: regret or smt felt after the decision making. Based on an assessment of subjective value: absolute (satisficing, relative (maximizing) Non-arbitraty choice between options, based on an assessment of value.
