Decision Making Flashcards
System 1
Limbic System:
- operates automatically, quickly, effortlessly
- snap judgements
- practiced routines
- not under conscious control
System 2
Prefrontal cortex:
- requires your conscious attention, control and concentration
- effortful and complex mental activities
- allows looking deeper for non-obvious cases
What is perception?
1st decision making step
organizing, interpreting and making meaning from what your senses tell you
Concept of Motivated Perception
we see what we expect or want to see
What is the availability heuristic?
conclusions based on what information comes easily to mind
easily available info may not be representative of all info
Confirmation Bias
we tend to seek and gather information that confirms our existing theories
a better test would be to look for anything that might disconfirm it
Halo Effects
Things that are good in one area tend to be seen as good in another area
Attractiveness
ppl (inappropriately) see it as indicating intelligence and competence
Attribution
How we explain behavior
Internal cause- stable aspect of yourself (do it again)
External Cause- changeable aspect of the situation (a one-time occurence)
Fundamental attribution error
others’ behavior is over-attributed to internal causes
Self-serving bias
own negative behavior over-attributed to external causes
Overconfidence
We are often wildly overconfident in predicting our own outcomes
more overconfident in domains that we have less experience
planning fallacy
Hindsight
overconfidence that we could have predicted an event in advance
difficult to unknow knowledge
Anchoring bias
over-weighting initial information
Framing and risk
how a question is framed affects how risky it is perceived
