Psychology 3130A/B Chapter Notes - Chapter 9: Decision-Making, Vajrayana, Asymptote

• School: Western University
• Department: Psychology
• Course: Psychology 3130A/B
• Professor: John Paul Minda

Document Summary

Chapter 9 decision making: decision making is about reducing uncertainty, minimizing risk, and maximizing benefit, most organisms work to reduce uncertainty and maintain a status quo. Identification phase person identifies they need to make a decision involves framing stating the decision in terms of known costs and benefits, and perceived gains and losses: 2. Judgment phase evaluate probabilities, costs, benefits, and the value of alternatives: made about real or perceived risks susceptible to availability and representiveness bias. Difficulties and challenges: too many choices i. e. a lot of things on a menu you do(cid:374)"t k(cid:374)o(cid:449) (cid:449)hat to o(cid:396)de(cid:396) --. Understanding probability likelihood of a given outcome probability is normative likelihoods of different outcomes exist in the world and are affected by other events. Effects of independence: gamblers fallacy confusing independence with what we believe to be representative of randomness i. e. overestimating the probability of tails on the 21st coin toss after a sequence of 20 heads.