PSYC 2060U Chapter Notes - Chapter 10: Sunk Costs, Conjunction Fallacy, Bounded Rationality
Document Summary
Soundness: how does deduction relate to the construction of scientific studies, wason selection task is a nice, simple example of a deductive reasoning task. To the backfire effect: as a result of all these biases we tend to ignore probabilities and base rates, eg. Sunk costs, framing effects, anchoring and adjustment, conjunction fallacy, emotions getting in the way of our decisions: all of these are examples of probabilities ignored. Formal example: the chart at right shows that when people are in a negative mood, they value an o(cid:271)je(cid:272)t less tha(cid:374) if they are i(cid:374) a positi(cid:448)e (cid:373)ood. Clearly the (cid:448)alue of the o(cid:271)je(cid:272)t has(cid:374)"t (cid:272)ha(cid:374)ged though.
