Decision Making Flashcards

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1
Q

What are the goals of decision making?

A

To determine how people make decisions and how people should make decisions if they want an optimal outcome.

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2
Q

What does the normative model focus on when it comes to decision making?

A

To determine how people should make decisions if they want an optimal outcome.

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3
Q

What does the descriptive model focus on when it comes to decision making?

A

Determining how people make decisions.

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4
Q

What is risk?

A

An uncertainty about the outcome.

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5
Q

What is rationality?

A

Internal consistency of one’s belief’s and behaviors.

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6
Q

What are the non-risky decision models?

A

Compensatory models and non-compensatory models.

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7
Q

What is the non-compensatory model?

A

eliminates alternatives that do not meet a particular criterion.

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8
Q

What is the compensatory model?

A

Weighs the positive and negative attributes of the considered alternatives and allows for positive attributes to compensate for the negative ones

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9
Q

What are the types of compensatory models?

A

Additive model and additive-difference model.

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10
Q

What is the additive model?

A

Information about each attribute is combined to form an overall impression of an alternative.

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11
Q

What is the additive-difference model?

A

Compares two alternatives by adding the difference in their values for each attribute.

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12
Q

What are the types of non-compensatory models?

A

Elimination-by-aspect
Conjunctive model

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13
Q

What is the conjunctive model?

A

Each attribute is considered. If it has a minimum value then the next attribute is considered. The first alternative that meets the minimum requirement on each attribute is selected.

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14
Q

What is the elimination-by-aspect?

A

The most important attribute is considered first. Any attribute that doesn’t possess some minimum value on this attribute is
eliminated.

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15
Q

What is an interdimensional search?

A

When all the attributes of one alternative are considered before going to the other alternatives and its attributes.

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16
Q

What is an intra-dimensional search?

A

When different alternatives are considered on the basis of a chosen attribute before any other attributes are considered.

17
Q

What is the algorithm method of doing risky decisions?

A

a formal procedure that defines the step-by-step process for making a calculation or solving a problem.

18
Q

What is the heuristic method of doing risky decisions?

A

A procedure that are simplified means of determining something.

19
Q

What is the availability heuristic?

A

The probability of an event is assessed by determining how
many examples of that event can be recalled. Easily recalled events receive higher probabilities.

20
Q

What is representativeness?

A

The extent to which an event is considered to be likely is
determined by judging how typical it is

21
Q

What is the conjunction fallacy?

A

The probability of two events cannot be larger than the probability of either of its constituent events.