Ch.13 Flashcards
Reasoning
Process of drawing conclusions
Availability heuristic
Events more easily remembered are judged as being more probable or likely to happen than those less easily remembered
Conjunction rule
Probability of two events cannot be higher than the probability of the single constituents
Stereotypes
Oversimplified generalization about a group or class of people that often focuses on the negative
Law of large numbers
Larger the number of individuals randomly drawn from a population, the more representative the resulting group will be of the entire population
Confirmation Bias
Tendency to selectively look for information that conforms to our hypothesis and overlook information that argues against it (only listening what will confirm your bias)
utility
outcomes that are desirable because they are in the person’s best interest
- (what benefit us the most // personal gain)
expected emotions
emotions that people predict that they will feel concerning an outcome
- people inaccurately predict their emotions
risk aversion strategy
avoids taking risk
used when problem is stated in terms of gain
risk taking aversion
more likely to take a risk
used when problem is stated in losses
base rate
relative proportion of different classes in the population
decisions
how the choices are presented
- making choices based on alternatives
opt-in procedure
taking an active step to be an organ donor
- signing to join
opt-out procedure
everyone is an organ donor & you need to sign to NOT be an organ donor
- signing to get out
status quo bias
tendency to do nothing when faced with making decision
validity
syllogism whose conclusion follows logically from its premises
belief bias
tendency to think that a syllogism is valid if its conclusions are believeable
mental model
specific situation represented in a person’s mind that can be used to help determine the validity of syllogisms in deductive reasoning
inductive reasoning
we draw conclusions from observations
deductive reasoning
we determine whether a conclusion logically follows from the statements called premises
conditional syllogism
“if p, then q”
categorical syllogism
describes in relation between 2 categories using words; all, no, or some
neuroeconomics
one finding suggested: decisions are influenced by emotions and these emotions are associated with activity in specific areas of the brain
ultimatum game
sanfey & coworkers
- two players (proposer and responder)
- proposer: makes an offer to the responder on how they should split the money
- responder: either accepts or denies (often rejects low offers and is angry with he unfair offer)
but responder is less angry at the computer
social exchange theory
an important aspect of human behavior is the ability of two people to cooperate in a way that is beneficial to both of them
