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Week 10 Day 1 Notes

by: Rachel McCord

Week 10 Day 1 Notes P155

Marketplace > Indiana University > Psychlogy > P155 > Week 10 Day 1 Notes
Rachel McCord
GPA 3.8
Introduction to Psychology and Brain Sciences
Robert Nosofsky

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About this Document

These notes cover decision making and heuritics.
Introduction to Psychology and Brain Sciences
Robert Nosofsky
Class Notes
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This 1 page Class Notes was uploaded by Rachel McCord on Friday March 27, 2015. The Class Notes belongs to P155 at Indiana University taught by Robert Nosofsky in Spring2015. Since its upload, it has received 89 views. For similar materials see Introduction to Psychology and Brain Sciences in Psychlogy at Indiana University.


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Date Created: 03/27/15
Signal Detection Theory is not on practice exams P155 Week 10 Thought 0 Decision Making How do we evaluate and choose among alternatives 0 Framing effects 0 The manner in which alternatives are presented eg gains vs losses can have a dramatic influence on which alternative is chosen 0 All other things equal people are riskaverse with respect to gains prefer the quotsure thing 0 But riskseeking with respect to losses 0 Virtually all decision making involves judgments of probability 0 To judge probability and frequency people rely on a set of heuristics Tversky and Kahneman cognitive shortcuts or quotrule of thumb they usually work but can also lead to systematic errors and biases 1 Representativeness or similarity heuristic a People judge the probability that an object or event belongs to a category based on its similarity to typical members of the category b Errors and biases i People ignore base rates the overall frequency of a category 1 Food workerlibrarian example 2 TB example ii Misconceptions of chance 1 Cointoss example iii Conjunction fallacy 1 A conjunction of 2 things cannot be more probably than either or its constituents but nai39ve subjects sometimes make the opposite judgment 2 Example Bill the accountant who plays jazz for a hobby 2 Availability heuristic a People judge the frequency of an event according to the ease with which relevant instances of the event come to mind b Errors due to i Difficulty of retrieval 1 Letter k example ii Salience of instances 1 Sensationalized events in the media 3 Anchoring and adjustment heuristic a Errors arise because people often fail to make sufficient adjustments from the starting anchor


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