PSYCH 3312 Chapter Notes - Chapter 11: Representativeness Heuristic, Confirmation Bias, Dyslexia
17 Feb 2018
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Expected value theory = every decision is a gamble. It is normative - it is what ppl should do. Decisions are made in times of uncertainty, in which probabilities of outcomes are not known. Ppl use heuristics to help them make decisions. Person"s inability to think rationally despite possessing adequate intelligence. The availability heuristic: retrievability as a factor in gathering evidence. We use what we remember to help us make decisions. Ppl rely on easily recalled info as the basis for decision-making. Less ppl flew in planes after the 9/11 attack. The context of judgment: anchoring-and-adjustment effects in gathering evidence. Ppl use reference points - anchors - to make decisions. Ssn study - ppl would estimate something costs more when the last 2 digits of their ssn are high. Harvard claimed they won a game against yale when the score was 29-29. But, harvard was highly expected to lose so the tie felt like a win.
