Lesson 5 Flashcards
Type 1 Process
Implicit (automatic), unconscious process
Type 2 Process
Explicit (controlled), conscious process
Heuristic
Any approach to problem solving that employs a practical method not guaranteed to be optimal or perfect, but sufficient for the immediate goals
Default Heuristics
Tendency to choose the default or standard action among several possile actions
Recognition Heuristics
Tendency to consider the most easily recognized item as having the greatest value or being the correct solution
Affect/ emotion heuristic
Tendency to make a decision or to solve a problem by being influenced by one’s own emotional states
Gambler’s fallacy
Tendency to think that future probabilities are altered by past events, when in reality they are unchanged
Illusory correlation
Tendency to associate two events when in reality there is no connection
Base Rate fallacy
Tendency to ignore base rate information (generic, general information) and focus on specific info (information only pertaining to a certain case)
Overconfidence bias
Tendency to have excessive confidence in one’s own answers to questions
Planning fallacy
Tendency to underestimate the time needed to complete a task
Hindsight Bias
Tendency to believe falsely, after an outcome of an event is actually known, that one would have accurately predicted that outcome
Self-Serving bias
Tendency to attribute one’s own successes to internal factors and put the blame for failures to external factors
Confirmation Bias
tendency to seek out information that reaffirms past choices and to discount information that contradicts past judgements
Loss Aversion
Tendency to strongly prefer avoiding losses than aquiring gains
