SOM 122 Lecture Notes - Lecture 10: Confirmation Bias
22 Oct 2018
School
Department
Course
Professor
Document Summary
System 1: subconscious values, drives, beliefs that influence our gut reactions. Jumps to conclusions: operates effortlessly, can be wrong but is more often right. System 2: articulates judgments, makes choices, endorses or rationalizes ideas and feelings, makes up stories to either confirm or deny those conclusions, requires conscious effort to engage, can be wrong or right depending on how hard it works. Heuristics: people take shortcuts by applying rules of thumb. Con: decision made may be less than perfect. Individual differences: ability to absorb, analyze and process information varies from person to person. Perception: selection and interpretation of information we receive through our senses and the meaning we give the information. Sunk costs: more likely to switch when you don"t see upfront costs. Narrow framing: mis defining the problem may be the biggest barrier to making good decisions. Need to work hard to see what the problem really is. Anchor bias: giving disproportionate weight to the first information you hear.
