Judgement And Decision Making Flashcards
1
Q
What is Bounded rationality?
A
Cognitive limitations Preventing humans from being fully rational
2
Q
Suck cost fallacy
A
Decision-making based on what has been previously invested
3
Q
Status quo bias?
A
To Prefer the current state of affairs
4
Q
Heuristics
A
Mental shortcuts. (But can lead to biases)
5
Q
The three canonical heuristics
A
Representativeness
Availability
Anchoring and adjustment
6
Q
Conjunction fallacy
A
Specific conditions are more probable than a single general one
7
Q
Gamblers fallacy
A
Decision making after a serious of outcomes are presented
