S2 Wk 3 - Cognitive: Thinking and Problem Solving Flashcards
define thinking
The process that changes some aspect of your worldview but it could also reinforce a pre-held view
process of considering or reasoning about something
the action of using your mind to produce ideas decisions and Memories etc
what does the utility theory suggest about choice of lotteries
You would make your decision according to the formula: value x probability of winning for each option
What five things can decision-making be dependent on
The nature of the decision
context
individual differences
past experiences
available information
What does Loss aversion mean
Where losses loom larger than gains
What are the three types of heuristics
Availability heuristic- memory for a similar previous events
representative heuristic - general idea about the task group of people or situation
affect heuristic - making Choices That influenced by emotions
What is the gambler’s fallacy
Believe that a specific result is due
but - no effect on the likelihood of it occuring
what is the sunk cost effect
throwing good money after bad
heuristics can lead to biases such as
Gamblers fallacy
sunk cost effect
What does framing do
Affect most participants choices
What is deductive reasoning
Deducing conclusions from a set of given premises
What is the difference between inductive and deductive reasoning
Deductive reasoning deals with certainties
inductive reasoning deals with probability is
what are concepts
Mental representations in Multiple forms of classes of objects
What are analogies
Using a description of a similar problem and solution to solve another
Definition of problem solving
The process of finding a solution to a complex issue
What are judgments
Conclusions from a combination of knowledge and observation
