DANCEST 805 Lecture Notes - Lecture 15: Decision-Making, Counterintuitive, Debiasing
Document Summary
Task 6 chapter summary keywords (eysenck, galotti) Keywords: biases, heuristics, satisficing, expected utility theory, prospect theory, framing, nudging, overconfidence, dual system theory, kahneman. Chapter 13 judgment and decision making (eysenck) Base-rate information: the relative frequency with which an event occurs or an attribute is present in population. People often take less account of prior odds (base-rate info) than they should. Kahneman and tversky have been most influential psychologists working in area of human judgment. Focused on explaining why we seem prone to error on many judgment problems. Argued we typically rely on simple heuristics or rules of thumb when confronted by problems. According to them, we use heuristics even though they can cause us to make errors, because they are cognitively undemanding and can be used very rapidly. Representativeness heuristic: the assumption that representative or typical members of a category are encountered most frequently.
