CGPSYM7

Question 1

´The earliest models of how people make decisions are referred to as

Answer 1

classical decision theory.

Question 2

The goal of human action is to seek pleasure and avoid pain. According to this theory, in making decisions people will seek to maximize pleasure (referred to as positive utility) and to minimize pain (referred to as negative utility).

Answer 2

Subjective expected utility theory

Question 3

we consider options one by one, and then we select an option as soon as we find one that is satisfactory or just good enough to meet our minimum level of acceptability. We do not consider all possible options and then carefully compute which of the entire universe of options will maximize our gains and minimize our losses.

Answer 3

satisficing

Question 4

we eliminate alternatives by focusing on aspects of each alternative, one at a time. In particular, we focus on one aspect (attribute) of the various options. We form a minimum criterion for that aspect. We then eliminate all options that do not meet that criterion.

Answer 4

elimination by aspects

Question 5

a calculation based on the individual’s judges weightings of utility (value), rather than the objective criteria.

Answer 5

Subjective Utility –

Question 6

– a calculation based on the individual’s estimates of likelihood, rather than on objective statistical computation

Answer 6

Subjective Probability

Question 7

-Many researchers contend that decision making is a complex process that cannot be adequately reproduced in the laboratory. This is because real decisions are frequently made in situations where there are high stakes.

Answer 7

naturalistic decision making

Question 8

is a phenomena characterized by premature decision making that is generally the result of group members attempting to avoid conflict

Answer 8

Groupthink

Question 9

HEURISTICS AND BIASES

is a mistaken belief that the probability of a given random event, such as winning or losing at a game of chance, is influenced by previous random events.

Answer 9

Gambler’s Fallacy

Question 10

HEURISTICS AND BIASES

in basketball. Apparently, both professional and amateur basketball players, as well as their fans, believe that a player’s chances of making a basket are greater after making a previous shot than after missing one.

Answer 10

The “hot hand” or the “streak shooter”

Question 11

HEURISTICS AND BIASES
an individual gives a higher estimate for a subset of events.

Answer 11

Conjunction fallacy,

Question 12

HEURISTICS AND BIASES
a variant of the conjunction fallacy, the individual judges a greater likelihood that every member of an inclusive category has that characteristic.

Answer 12

Inclusion fallacy,

Question 13

HEURISTICS AND BIASES
- is the decision to continue to invest in something simply because one has invested in it before and one hopes to recover one’s investment.

Answer 13

Sunk-cost fallacy

Question 14

• when we look at a situation retrospectively, we believe we easily can see all the signs and events leading up to a particular outcome

Answer 14

hindsight bias

Question 15

As in problem solving, the prefrontal cortex, and particularly the ____, is active during the decision-making process

Answer 15

anterior cingulate cortex

Question 16

is the process of drawing conclusions from principles and from evidence

Answer 16

Reasoning

Question 17

is the process of reasoning from one or more general statements regarding what is known to reach a logically certain conclusion

Answer 17

Deductive reasoning

Question 18

is the process of reasoning from specific facts or observations to reach a likely conclusion that may explain the facts.

Answer 18

Inductive reasoning

Question 19

is one of the primary types of deductive reasoning, in which the reasoner must draw a conclusion based on an if-then proposition.

Answer 19

Conditional Reasoning

Question 20

– it follows logically from the propositions on which it is based. It does not equate with truth

Answer 20

Deductive validity

Question 21

are general organizing principles or rules related to particular kinds of goals, such as permissions, obligations or causations.

Answer 21

Pragmatic reasoning schemas

Question 22

are deductive syllogistic arguments that involve drawing conclusions from two premises

Answer 22

Syllogisms

Question 23

Syllogisms

the relationship among the terms is linear. It involves quantitative or qualitative comparison. Each terms shows either more or less of a particular attribute or quantity.

Answer 23

linear syllogism,

Question 24

Syllogisms

the premises state something about the category membership in terms. In fact, each term represents all, none, or some of the members of a particular class or category.

Answer 24

categorical syllogism,

Question 25

is an internal representation of information that corresponds analogously with whatever is being represented

Answer 25

Mental model

Question 26

how people make judgments about whether something causes something else

Answer 26

casual inferences-

Question 27

• people generally use both bottom-up strategies and top-down strategies for doing so

Answer 27

Categorical Inferences

Question 28

Inductive reasoning may be applied to a broader range of situations than those requiring causal or categorical inferences.

Answer 28

Reasoning by Analogy -

Question 29

• involves mental operations based on observed similarities and temporal contiguities (i.e., tendencies for things to occur close together in time).

Answer 29

Associative system

Question 30

• involves manipulations based on the relations among symbols

usually requires more deliberate, sometimes painstaking procedures for reaching conclusions. Through this system, we carefully analyze relevant features of the available data, based on rules stored in memory.

Answer 30

Rule-based system