PS102 Chapter Notes - Chapter 9: Bounded Rationality
Document Summary
Decision making involves evaluating and choosing from among the alternatives available to us. To make decisions, we need to gather or recall info relevant to each alternative. We draw from our memories to get info. Makes assumption that individual objects or people are members of a category if they share similar characteristics. Assuming a movie is a romantic comedy bc of a few of its characteristics, not bothering to read reviews based on presumed identity as a romantic comedy. You have a set of expectations about what it"ll be like: availablity heuristic: Likelihood that we will judge an event as more common if its easier to think about it. Why we tend to think plane crashes or tsunamis are more common than they really are. Events easy to call to mind so we assume they commonly occur even if rare. We tend to also rely on more recently stored memories to make judgements about events.
