deductive reasoning
decision making is assessing information and choosing among two or more alternatives.
what is a representative heuristic?
we judge that a sample is likely if its similar to the population from which its sampled
what is prospect theory?
tendency to think of gains different than losses
what is the small sample fallacy
we wrongly think of a sample size is as representative as a larger sample.
what is the default heuristic?
if there is a default option, than people will choose it.
what is a proposition?
the statement you are making the decision about.
how does recency effect decision making?
the outcome of your decisions can be influenced by two factors.
what is myside bias?
overconfidence in confrontational situations, your opinions are the right ones.
what is illusory correlation?
when people believe that 2 variables are related even when they are not
How many types of processing in dual processing and what are they?
2, type 1- fast and automatic, requiring little conscious thought
type 2- slow and controlled, requiring fouces attention
what is the availability heuristic?
when you estimate the probability in terms of how easy it is to think of relevant examples.
maximizers vs satisficers
maximizers are about examining as many options as possible
satisficers are about settling for something that is satisfactory
hindisght bias
the " I knew it all along" feeling
what is the anchoring and adjustment heuristic?
your first approximation serves as an anchor, then you make adjustments accordingly.
how many kinds of reasoning are involved with propositions, what are they?
4
affirming the antecedent
affirming the consequent
denying the antecedent
denying the consequent
what is the conjunction rule?
we often ignore that the probability of a conjunction of 2 events cant be larger than the probability of the individual events.
what is overconfidence?
confidence judgements are higher than they should be, based on your actual performance.
what is the planning fallacy?
we underestimate the amount of time and money it would take to complete a project.
what is the representativeness heuristic?
we judge that a sample is likely if its similar to the population from which its sampled
in propositional calculus, which kinds of reasoning lead to a valid conclusion?
affirming the antecedent
denying the consequent
explain ecological rationality
people create a wide variety of heuristics to help them make useful adaptive decisions.
results of Schwartz et al. 2002
more choices doesnt lead to happiness, maximizers are most likely to be regretful and depressed.
what is the belief bias?
when people make judgements based in prior beliefs and general knowledge vs rules of logic.
how does familiarity effect decision making?