Lecture 1 Flashcards
What are heuristics?
Heuristics are mental shortcuts that simplify the decision making process. They do not provide optimal outcomes, but suboptimal (satisficing= satisfy+suffice). Furthermore, they are impulsive and they do not always represent certainty.
Which 4 problems are addressed by heuristics and what are the downsides?
Information overload: we are presented with too much information that we need to process, which is why we use heuristics to select that information. The downside is that abstractification & generalisation can lead to loss of relevant information
Time-pressure: we are pressured by temporal factors and information when making a decision, hence we need to make a split-second decision. The downside is that the decisions are self-serving, risk aversive and counter-productive.
Lack of meaning: we are presented with only a part of the world (of information) which is why we need to fill in the gaps by making bets and trade-offs. The downside is that such assumptions are made on the basis of the pre-existing cognitive model (beliefs), which may lead to errors as they tend to be illusory and subjective.
Limited working memory capacity: we cannot process all of the information, which is why we need to select some of it. We only need information that we think will be relevant in the future, but we are not aware what is going to help us or not. Hence, we make assumptions based on pre-existing mental models. The downside is that it reinforces error through a biassed thought process.
What is the Dual Process Framework?
The Dual Process Framework is composed of 2 systems. System 1 is represented by fast, emotional, impulsive, intuitive decisions, whilst System 2 is represented by goo, rational judgements and it is an error corrector. System 1 is always active, whilst System 2 is only engaged when one wishes to override System 1. This model presents qualitatively different decisions.
What is the Single Process Model?
The Single Process Model does not produce qualitative differences between S1 and S2, but it does account a distinction between emotion and rationality.
What does the cognitive-psychological perspective argue about the origin of heuristics?
Cognitive biases appear due to limitations in available data and in the information processing capacity (capacity-based frameworks).
What does the ecological perspective argue about the origin of heuristics?
Correct decisions that are made heuristically are the result of experience and expertise within a certain field. If one does not have experience, they result in errors (expertise-based frameworks).
What does the evolutionary perspective argue about the origin of heuristics?
There is a mismatch between evolutionarily developed heuristics and current context (evolution-based frameworks).
What does the neuroscientific perspective argue about the origin of heuristics?
Biases occur because of a mismatch between the way our brain has evolved (neural network for performing perceptual-motor functions and maintaining physical integrity) and the way we use it today (solving conceptual and analytic problems).
What are the 4 principles that characterise the functioning of the biological neural networks?
Association: tendency to associate (un)related information
Compatibility: tendency to prioritise information that is compatible and consistent with previous knowledge, opinions and expectations.
Retainment: tendency to retain irrelevant information, that could sometimes be ignored because once an information is perceived it produces physico-chemical changes.
Focus: tendency to focus on more dominant information that is more easily available, than the one that is not directly available or recognised.
