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PSYC 213 > Choice Guest Lecture > Flashcards

Choice Guest Lecture Flashcards

1
Q

heuristic

A

mental shortcut or rule of thumb that can be used to get a quick and mostly accurate response in some situations but may lead to errors in others

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2
Q

bias

A

systematically inaccurate choices that don’t reflect a current situation

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3
Q

3 categories of biases

A
  • Biases that affect how we interpret information
  • Biases that affect how we judge frequency (how often something happens)
  • Biases that affect how we make predictions
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4
Q

availability heuristic

A

The easier it is to remember something, the more likely you’ll think it is to happen in the future

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5
Q

what heuristic can explain why people are afraid of flying but not driving

A

the availability heuristic

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6
Q

representativeness heuristic

A

Tend to make inferences on the basis that small samples resemble the larger population they were drawn from

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7
Q

the representativeness heuristic is related to ___

A

stereotypes, schemas, and other pre-existing knowledge structures

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8
Q

how do people base their judgments of group members?

A

based on similarity

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9
Q

what kinds of biases does the representativeness heuristic result in

A

base-rate neglect & conjunction fallacy

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10
Q

base-rate neglect

A

When you fail to use information about the prior probability of an event to judge the likelihood of an event

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11
Q

application of base-rate neglect

A

Important for doctors diagnosing with low incidence populations

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12
Q

conjunction fallacy

A

The false belief that the conjunction of two conditions is more likely than either single condition

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13
Q

example of the conjunction fallacy

A

Linda the feminist Bank Teller

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14
Q

anchoring and adjustment heuristic

A

Judgments are too heavily influenced by initial values. People start off with one value and adjust accordingly from there

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15
Q

application of anchoring and adjustment in psychology

A

Important when getting ratings from a scale

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16
Q

regression to the mean

A

When a process is somewhat random (weak correlation), extreme values will be closer to the mean (less extreme) when measured a second time

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17
Q

regression to the mean is related to

A
  • illusionary correlations
  • our understanding of the roles of reward and punishment in learning
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18
Q

bounded rational

A

we are limited by both environmental and individual constraints

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19
Q

satisficers

A

look for solutions that are good enough

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20
Q

bounded rationality in humans

A

people are both bounded rational and satisficers

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21
Q

who proposed ecological rationality?

A

Gigerenzer

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22
Q

ecological rationality

A

Sees heuristics not as good enough approaches to solving a problem, but as the optimal approach

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23
Q

does ecological rationality distinguish between descriptivism and prescriptivism?

A

While previous views on heuristics draw a separation between how we should act and how we do act ecological rationality doesn’t distinguish these two

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24
Q

heuristics vs. optimization according to ecological rationality

A

Given the right environment, a heuristic can be better than optimization or other complex strategies

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25
Q

perceptual decision-making

A

objective, externally defined criterion for making your choice

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26
Q

value-based decision-making

A

subjective, internally-defined criterion for making your choice

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27
Q

risk

A

taking an action despite the outcome being uncertain

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28
Q

risk is specific to what kind of decision-making

A

value-based decision-making

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29
Q

ambiguity

A

when you have incomplete information about the consequences

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30
Q

what are most people’s risk attitude profile

A

risk-averse

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31
Q

harmful examples of risk-taking

A
  • Stagnant living
  • Addiction and impulsivity
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32
Q

how are risks framed?

A

as gains and losses

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33
Q

risk premium

A

the difference between the expected gains of a risky option and a certain option

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34
Q

risk averse

A

the decision maker has a positive risk premium (Need a chance at winning a lot more than a certain option to select the risky option)

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35
Q

risk-neutral

A

the decision maker has zero risk premium (no difference in the options)

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36
Q

risk-seeking

A

the decision maker has a negative risk premium (doesn’t need the chance at winning more than the certain option to gamble)

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37
Q

3 risk attitude profiles

A
  • risk-seeking
  • risk-averse
  • risk-neutral
38
Q

are risk preferences irrational

A

no

39
Q

what theories account for individuals’ risk preferences

A

Classic (rational) economic theories (Expected Utility Theory)

40
Q

what theories account for individuals’ inconsistent preferences

A

behavioural economics, the framing effect, and prospect theory

41
Q

the framing effect

A

Inconsistent risk preferences depend on the framing (loss vs. gains) of the problem

42
Q

when are people risk-averse according to the framing effect?

A

when the options are described as gains

43
Q

when are people risk-seeking according to the framing effect?

A

when the options are described as losses

44
Q

framing effect study (Gachter et al., 2009)

A
  • 93% of students signed up early when they were told they would pay a penalty fee
  • But only 67% signed up early when they would get a discount
45
Q

endowment effect

A

Once ownership is established, people are averse to giving it up

46
Q

what theory is described as the birth of behavioural economics?

A

prospect theory

47
Q

2 major contributions to prospect theory

A
  • Shape of the utility function (losses vs. gains)
  • Shape of probability weighting function (unlikely vs. likely events)
48
Q

prospect theory

A

Describes how people do act, not how they should act

49
Q

utility

A

subjective value assigned to an object

50
Q

is utility consistent?

A

no it’s context-dependent

51
Q

how is utility typically assigned?

A

as a function of someone’s current state (reference point) and not in absolute value

52
Q

utility function

A

describes how people map money to satisfaction

53
Q

shape of the utility function

A

Asymmetrical: steeper for losses than gains. $1 lost hurts more than one dollar earning

54
Q

extremity of events and perceived probability

A
  • Unlikely events are overestimated
  • Likely events are underestimated
55
Q

high probability of losses results in

A

risk-seeking behaviour

56
Q

low probability of losses results in

A

risk-averse behaviour

57
Q

high probability of gains results in

A

risk-averse behaviour

58
Q

low probability of gains results in

A

risk-seeking behaviour

59
Q

dual process theory

A

It is thought that there are two systems for making decisions

60
Q

system 1

A

fast, effortless, automatic, intuitive, emotional

61
Q

system 1 relies on

A

heuristics & biases

62
Q

system 1 neural mechanism,

A

the limbic system

63
Q

system 2

A

slow, deliberative, effortful, explicit, logical

64
Q

system 2 relies on

A

Rational choice

65
Q

neural mechanism behind system 2

A

Frontal cortex

66
Q

why are risks sometimes described as feelings?

A

Increased amygdala activity for chosen safe outcomes for gains and chosen risky outcomes for losses suggests that an emotional response may underlie the framing affect

67
Q

assessing risk & emotion

A

There were higher estimates of death frequency when people were in a negative mood compared to a positive mood

68
Q

prediction error

A

The difference between what you predicted would happen and what actually happened

69
Q

prediction error is responsible for

A

learning (especially reinforcement learning)

70
Q

positive prediction error

A

unexpectedly good outcome

71
Q

negative prediction error

A

unexpectedly bad outcome

72
Q

how does positive prediction error effect affect

A

increases positive affect

73
Q

how does negative prediction error effect affect

A

increases negative affect

74
Q

emotion & risky decision-making

A

Changes in mood predict risky decision making
When people are happy, they are more likely to gamble

75
Q

how is risk preference determined in the utility function?

A

Deviations from the reference point

76
Q

when do biases occur?

A

when heuristics are over-applied

77
Q

availability heuristic and political parties

A

both Democrats & Republicans think the electoral maps work against their party

78
Q

illusory correlations

A

Linking two co-occurring events and assuming a relationship

79
Q

when do illusory correlations often occur?

A

when outcomes are overemphasized

80
Q

anchoring and adjustment heuristic and the UN experiment

A

Participants were given a random number between 0 and 100 and asked if this number was higher or lower than the percentage of African nations in the UN. Those who were given a high random number gave great percent estimates than those given a low random number. this demonstrates that we even anchor estimates to unrelated information

81
Q

gambler’s fallacy

A

The false belief that a predicted outcome of an independent event depends on past outcomes

82
Q

real-world examples of the gambler’s fallacy

A
  • U.S. judges in refugee asylum cases are more likely to deny asylum after granting asylum to the previous applicant
  • Loan officers are more likely to deny a loan application after approving the previous application
  • People continue to invest after several losses on the stock market
83
Q

the hot hand beleif

A

Thinking that a person who experiences success will keep having success

84
Q

the hot hand belief and basketball

A

Asked basketball fans about players’ shooting abilities. 91% of fans thought that a player is more likely to make a shot after taking 2 shots than after missing a shot

85
Q

optimism bias

A

People overestimate the number of predicted positive events and underestimate the likelihood of negative events

86
Q

optimism bias in depression patients

A

This optimism bias wasn’t present in depression patients. Presentation differs with the degree of depression

87
Q

heuristics function

A

making intuitive and rapid judgments

88
Q

overapplication of heuristics can lead to

A

serious errors in our judgments and reasoning (ex. Stereotyping & Gambling addictions)

89
Q

post-mortem technique

A

learning from failures

90
Q

pre-mortem technique

A

anticipate and prevent our mistakes before they result in catastrophe

91
Q

challenges and the availability heuristic

A

We can remember challenges we had to overcome better than other people’s challenges. We perceive things as harder for us compared to others

PSYC 213 (14 decks)

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