Heuristics Flashcards
heuristics
Can be more accurate than more complex strategies even though they process less information (less-is-more effects)
Succes of heuristics
depend on the structure of the environment. They provide an alternative to stable traits, attitudes, preferencs and other internal explanations of behavior
effort-accuracy trade-off
less effort is worse accuracy. Effort investment depends on availability of resources
attribute substitution
people substitute a complex problem with a more simple problem, without being aware
what makes something more salient
recent, familiar, personal, important
social proof
people tend to conform to the majority, especially of they identify strongly with the reference group
status quo bias
related to loss aversion, sunk costs, mere exposure, stick with the default
People are most susceptible to heuristic in…
hot state –> system 1
affect heuristic
use emotions in judgement, fear leads to higher willingness to pay for insurance
loss aversion
people do not want to lose something they already had
scarcity
if its scarce we must have it
false consensus
overestimate the degree to which others share one’s point of view
