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Complex cognition > Task 5 > Flashcards

Task 5 Flashcards

1
Q

What is the difference between judgment and decision making ?

A
  • you use judgment to make a decision

- it is basically the process (heuristic)

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2
Q

What is the natural frequency hypothesis ?

A
  • based on evo. we find it easier to work with frequencies then with percentages regarding decision making
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3
Q

Name the 4 phases of how decisions are made:

A
  1. Setting goal
  2. Gathering information
  3. Decision structuring (organize options)
  4. making a final choice
  5. evaluation
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4
Q

What are cognitives illusions ?

A
  • Basicall in everyday life ur cognitions are not allways correct but they are still usefull
  • it is the consequence of heuristics
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5
Q

What is the base rate fallacy ?

A
  • to over estimate the rare feature or underestimate the common feature
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6
Q

What is the availability heuristic ? (also name on failure)

A
  • is a mental shortcut that relies on immediate examples that come to a given person’s mind when evaluating a specific decision
  • basically the first thought
  • work with the fluency mechanism
  • failure to include base rate
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7
Q

What is the fluency mechanism ?

A
  • recalling instead of retrieving memory
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8
Q

Why is the availability heuristic not so good ?

A
  • Because it leaves out the base rate information
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9
Q

What is the representativeness Heuristic ?

A
  • deciding on something because it is more represented in current time
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10
Q

What are the problems with the representativeness Heuristic ?

A
  • more representative is not equal more likly
  • conjunction fallacy
  • also leaves out base rate info
  • gambers fallacy
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11
Q

What does conjunction fallacy mean ?

A
  • the mistaken belief that the probability of a conjunction of two events (A and B) is greater than the probability of one of them (just A)
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12
Q

What is a common problem with all heuristics ?

A
  • the mistaken belief in the law of small sample numbers
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13
Q

What is the framing effect ?

A
  • the influence of irrelevant aspects of a situation (e.g., wording or cotext )on decision making.
  • it depence on individual differences
  • also depent on loss aversion (loses are more seriously then gains)
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14
Q

What does anchoring mean regarding decision making ?

A
  • rely to much on a key argument and only create sub arguments supporting the main argument while leaving out other important informations
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15
Q

What is the sunk cost effect ?

A
  • Greater tendency to continue something once one has invested in it (via money)
  • not common on childreen and animals
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16
Q

What is the hindsight bias ?

A
  • thinking that events were more predictable after the event took place
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17
Q

What is conformation bias ?

A
  • So only gather information about supporting your first theory
  • Instead of finding contradiction argumentation
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18
Q

What is the overconfidence on decision making ?

A
  • thinking that u can deal with everything and that u know everything (arrogant way)
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19
Q

What is the omission bias ?

A
  • Tendency to prefer inaction to action when engaged in risky decision making
  • the opposite of action based bias
  • regret is greater when unwanted outcome is caused by action
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20
Q

What is the support theory ? (Name two characteristics)

A
  • a more explicit description of an event is regarded as having greater subjective probability
  • Example: How likely do u die next summer vacation -> less likely the n when u would add information
    1. more attention to given aspects
    2. limitation of memory -> memory only gets activated when explicitly stated
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21
Q

What are some everyday life problems regarding decision making ?

A
  • misunderstanding of problems
  • priming via media
  • most explanation research were proofed in artificial stteings
  • everyone solve problems individually
  • process of heuristic is not really known
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22
Q

How do we choose the correct heuristics ?

A
  • take the best ignore the rest

- mostly fav is the recognition heuristics

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23
Q

What is the recognition heuristics ?

A
  • using the knowledge that only one out of two objects is recognized to make a judgement
  • take the one u know
24
Q

What are the problems with recognition heuristics ?

A
  • is it not as obvious as it seems to take the better choice
25
Q

What is the utility theory ?

A
  • ita about trying to maximize the outcome in every decision
  • it is very rational
  • Economic theory
26
Q

How do we calculate the utility theory ?

A
  • Expected utility = probability of a given outcome × utility (nützlichkeit) of the outcome
27
Q

What are the problems with the utility theory ?

A
  • to rational not explain real behavior and do not take emotions into account
28
Q

What is the multi attribute utility theory about ?

A
  1. Identify attributes relevant to the decision.
  2. Decide how to weight those attributes.
  3. Obtain a total utility (subjective desirability for each option by summing its weighted attribute values).
  4. Select the option with the highest weighted total
    - Example flat renting decision
29
Q

What are the limitations to the multi utility theory ?

A
  • Elimination by aspects
  • > decision makers have too much info to deal with they don’t take all dimensions into account but rather select one factor
30
Q

What is the prospect theory ?

A
  • Economic theory by kahneman
  • tries to understand actual decision making behavior while including risk taking behavior
  • competend to utility theory
31
Q

What is loss aversion ?

A
  • Individuals are much more sensitive to potential losses than to potential gains
32
Q

What is the dominance principle and witch of the two major theory does it support ?

A
  • in decision making, the notion /vorstellung that the better of two similar options will be preferred -> only for utility
33
Q

What are some limitations on the prospect theory ?

A
  • does also not focus on the individual lvl
  • self esteem not included
  • > work on that ask leo !!!
34
Q

How do we take decisons for others ? ?

A
  • higher risk tking bahevior
  • seek more info
  • gives us the feeling of power
35
Q

What is nudging ?

A
  • steer people in a particular direction while still allowing them to go their own way
36
Q

When are nudges ineffective ?

A
  • behavior is not understanded
  • when info are to confusing
  • When people show rejection
  • only short term effect
37
Q

What are the 3 responses to failure of nudging ?

A
  1. Do nothing
  2. nudge better
  3. More aggressive approach with the nudge
38
Q

What is unbound rationality ?

A
  • assumes that all relevant info. are available for use
  • so using optimization !(choosing the best option)
  • Limitation amount of time also limited process ability
39
Q

What is bounded rationality ?

A
  • because of our process limitation we tend to use heuristics
  • heuristic satisfiction = individuals consider various options one at a time and select the first one meeting their minimum requirements.
40
Q

What is the unconscious thought theory ?

A
  • it could be that complex decisions are made by the unconsciousness because they have greater capacity
41
Q

What are the 3 models regarding decison making ?

A
  1. normative
  2. perspective
  3. descriptive
42
Q

What is meant normative model ?

A
  • define ideal performance under ideal circumstances

- Example expected utility

43
Q

What is the perspective model ?

A
  • show how we should make a decision
44
Q

What is the descriptive model ?

A
  • simply detail what people actually do when they make decisions
  • > example: prospect theory
45
Q

What is the endowment effect ?

A
  • The tendency for owners (potential sellers) to value objects more than potential buyers
46
Q

What are the 3 influences of endowment effect ?

A
  • loss of aversion (losses hurt more then winning)
  • mere ownership (besitztum is mehr wert weil er deins ist)
  • having certain type of underlying mechanism of construals (independent vs interdependent)
47
Q

What are the underlying mechanism of construals ?

A
  • independent self construal = more positive regard for the self -> self enhancement -> western-> less value of the selling object
  • interdependent self construal = less positive regard for the self -> self criticism -> japenese -> higher value of selling object
48
Q

What is the image theory regarding problem solving ?

A
  • not based on rationality
  • follows 3 dimensions
    1. Value image (morals)
    2. trajectory image (future impact)
    3. strategic image (does it fit the purpose an overall goal )
  • > If all dimensions are past then the decision is clear
49
Q

What is important to mention regarding western world and the Japanese?

A

-> interdependent and independent construals are not generlizabel

50
Q

Why do we use heuristics ?

A
  • We use heuristics even though they can cause errors because they are easier to process (lower cognitive load)
51
Q

What is meant by the gambers fallacy ?

A
  • the common beliive that when something is over representative in current time that it will be under representative in the future
52
Q

What are supporting theory regarding the support theory ?

A
  • The availability heuristic
53
Q

Name the three steps regarding the recognition heuristic ?

A
  • Search rule: Search for a discriminatory cue
  • stopping rule: stop after finding cue
  • Decision rule
54
Q

What are two characteristics of the multi attribute utility ?

A
  • best model for achieving all their goals
  • very rational
  • very complex
55
Q

Name two charcteristics regarding the prospect theory !

A
  • emotions and mood
  • use of heuristics
  • very individual
56
Q

What is the elimnation by aspect theory ?

A
  • decision makers eliminate options by considering one relevant attribute or aspect after another.

Complex cognition (9 decks)

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