Test #3 Flashcards
What ways can one overcome overconfidence?
Think of reasons why we are wrong, and not why we are right.
What are heuristics?
These are cognitive shortcuts that are generally accurate but can lead to error.
What is a bias?
A predictable or systematic error.
What is hindsight bias?
Bias that perceives outcomes after the fact as more likely than before the fact.
What is anchoring and adjustment?
When estimating quantity or probability, start from initial value and adjust in desired direction.
Representativeness?
Base likelihood on similarity, not probability.
What are the two types of Models of Making decisions?
Normative models which tells us how we should behave and descriptive models which attempt to describe how we do behave.
What is the Expected Value Theory?
This theory assumes people calculate the value of each option by multiplying the value of each of its outcomes by its probability.
What is the Prospect Theory?
A descriptive, not normative theory, of decision making under uncertainty. Assumes a value function different from Expected Utility Theory.
What is consciousness?
An internal subjective experience that neural activity does not readily explain.
What is free will?
The idea we have a choice in daily decisions.
Why is free will important?
We want to believe we have meaning, and we must be able to hold others accountable for their actions.
Where is free will found?
In our cortical regions.
What is different about split brain patients?
Their corpus collosums are cut, separating the two hemispheres so there’s no connection.
