Judgement and Decision: Theories Flashcards
What is the Support theory? Cite the source, and state what it proposes.
Tversky and Koehler (1994)
- People are more/less likely to believe something depending on the way it is described; it is more focused on if more details are given.
- Individuals will focus more on evidence to support their belief than evidence that refutes it.
E.g., If you were told that you would either fail the test, or miss the passing grade by 1 mark, you would believe the latter is ‘more’ likely, even though they are essentially the same thing.
What goes against the assumptions of the Support Theory?
Sloman et al. (2004)
- Participants were asked their probability of dying.
- Those given an atypical (e.g., pneumonia) compared to typical deaths would rate their likelihood of dying lower.
This goes against the Support theory (the more details provided, the more believed), as the more details the deaths were assumed, the less participants believed it to happen. 0.55 / 0.4.
What is the Dual-Process Theory? Who is this proposed by? Provide an example.
Kahneman (2003)
- Suggests that two systems are used in decision making.
- System 1: fast, automatic, effortless, implicit, emotionally driven.
- System 2: slower, one at a time (serial), effortful, consciously monitored and controlled.
- Usually system 1 begins the judgement, and system 2 corrects it.
For example, the bat and ball problem: system one instinctively uses heuristics to quickly judge and produce the answer (usually the incorrect answer), but deeper thinking and processing (system 2) generates the correct answer.
What are some evaluations of the Dual-Process theory? What was created to combat this?
- Assumes that system 1 makes the mistakes and 2 ‘solves’ them.
- Distinction between systems is not structurally or evidently proved.
The Logical Intuition Model was created, expanded from the original model and covers a lot of its holes:
- System 1 uses both logical and heuristic intuition.
- Optionally may follow up with system 2 corrections if there are conflicts between two intuitions; if they generate separate answers.
What is the Prospect Theory?
- Individuals are more likely to take risks that avoid losses than maximise gains.
- Individuals are more sensitive to losses than gains = Loss aversion.
- Individuals prefer a promised/definite gain, even over the possibility of a higher gain (and higher risk) = Risk aversion.
E.g., taking a definite £5 rather than a 50% chance of a £10.
What are the limitations of the Prospect Theory?
- Does not provide an example of why loss aversion happens, or how to manipulate/avoid.
- Does not take into account of emotional/social factors; not all decisions are rational.
- Does not take into account of individual differences; some people avoid/partake in risks than others.
What is the Multi-Attribute theory?
The identification of attributes relevant to the decision.
- Listed and weighed to help decision making (value is determined).
- Options with the most weight is selected.
For example, buying a new gaming console; Switch, Steamdeck, or PS5.
attributes are listed for each and weighed: which is cheapest, which supports games you play, is it portable, does it have good battery, etc.
What are some evaluations of the Multi Attribute theory? Cite a study.
Schwartz et al. (2002) highlights individual differences: some people are satisficers (suffices to the bare minimum), whilst some are maximisers (must have the most valuable option available).
- Can this theory be applied to with every decision/judgement in life? Can be situational/subjective.
