chapter 14 Flashcards
normative model
a model that describes what people SHOULD do
descriptive model
a model that describes what people ACTUALLY do
compensatory model `
a strategy that allows positive attributes to compensate for negative ones
additive model
a strategy that adds values to assign a score to each alternative
additive-difference model
a strategy that compares two alternatives by adding the difference in their values for each attribute
non-compensatory model
rejects alternatives that have negative attributes without considering their positive attributes
elimination by aspects theory
evaluates one attribute at a time and rejects attributes that fail to achieve a minimum
conjunctive model
evaluates one alternative at a time and rejects it if the value of one of its attributes fails to satisfy a minimum criterion
satisficing search
follows the conjunctive model and therefore selected the first alternative that satisfies the minimum criterion for each attribute.
availability heuristic
estimating probability by the ease with which examples can be recalled
representative
the extent to which an event is typical of a larger class of events
expected value
the average value as determined by combining the value of events with their probability of occurrence
subjective probability
estimated probability as determined by the decision-maker
subjective expected utility
a variation of the expected value that uses utilities and subjective probabilities
loss aversion
reaction to losses is more intense than reactions to corresponding gains
