PSYCH207 Lecture Notes - Lecture 3: Gambling, Inductive Reasoning, New Zealand

• School: University of Waterloo
• Department: Psychology
• Course: PSYCH207
• Professor: Jonathan Fugelsang

Document Summary

So, the systematic biases that people h ave in decision making tell us a bit about how people go about making decisions in general. We"re going to briefly talk about six different heuristics in decision making: a vailability, representativeness, anchoring, illusory correlation, confirmation bia s, and overconfidence. Think about this for a second, and then arrive at your a nswer. When given this problem , most people choose the first option, that is, words ending in ing. Let"s now move on to a second heuristic, called the re presentativeness heuristic. Would it be a) boy, boy, boy, girl, girl, girl, or b) girl, boy, boy, girl, boy, girl. Most people given this problem intuitively select option b, and the y do so because option b looks like it has less of a pattern, like it"s more random. In fact however, both of these options, a and b, are equally likely to occur.