Chapter 7 7.3 Flashcards
Decision Making - Risky decisions
Usually involves a mixture of intuition and rational thinking.
Evaluating Options
A careful examination or overall appraisal of something, particularly to determine its worth, value, or desirability.
Attributes
The specific characteristics of a person that influence their behavior and thoughts.
Multiple attributes
Characterizes an emergent property of individuals within their social practice.
Fairness/equality
Everyone gets the same thing.
Utility
In decision making any subjective measure of value.
Estimating probability - expected value
The total benefit to be expected of a decision if it were repeated on several occasions.
Gains, losses, probabilities
Our pain over losing a certain amount is usually greater than the pleasure we fell after gaining the same amount.
Gambler’s Fallacy
The belief that the chances of something happening with a fixed probability become higher or lower as the process is repeated.
Degree of bias in humans
The tendency to make decisions or take action in a unknowingly irrational way.
Group Polarization
A psychological phenomenon in which the beliefs, attitudes, and decisions of groups tend to be more amplified or more extreme then those held by individual group members.
Social loafing
What happens when someone puts less effort when they’re judged as part of a group.
Groupthink
A phenomenon that occurs when a group of well-intentioned people makes irrational or non-optimal decisions spurred by the urge to conform or the belief that disset is immpossible.
Brainstorming
A creativity technique in which a group of people interact to suggest ideas spontaneously in response to a prompt.
Language
Symbols (and a set of rules for combining them) that are used as a means of communicating.
