PSYC20007 Lecture Notes - Lecture 9: Consumer Behaviour, Conjunction Fallacy, Affect Heuristic

• School: University of Melbourne
• Department: Psychology
• Course: PSYC20007
• Professor: All

Document Summary

Thinking fast & slow: evans & stanovich (2013) Improving system 2 intervention: provide rewards to motivate participants to check intuitive impressions, ensure participants are not simultaneously performing other kinds of mental effort. In people"s minds: risk & benefit -vely correlated: finucane et al. (2000) found info about benefits impacted perception of risk & vice versa. If 1 of 2 objects recognised and other is not, infer the recognised object has the higher value. Regrets from kahneman (2016: term heuristic" was misleading. Inclusion of anchoring as a heuristic was misleading: substiution mechanism not restricted to uncertainty, missed crucial 3rd heuristic (affect heuristic) Slow thinking over fast thinking: centipede"s dilemma, recent approaches highlight marvels & flaws of intuition. What can we do about our biases: merely learning about them is unlikely to make them disappear, can learn to recognise situations where mistakes likely, easier to notice biases in others than in self.