theories of judgment

Question 1

dual process pros and cons

Answer 1

• oversimplified
  error perfromance not realted to system 1

Question 2

dual process systems

Answer 2

system 1= automatic
system 2= consciously monitors

Question 3

2 unitary theory

Answer 3

when making decsion maximise utlity
expected= probability of outcome times utility outcome

Question 4

prospect theory

Answer 4

reference point that corresponds current state
- loss aversion- more sensative lo losses than gains

Question 5

framing effect

Answer 5

way solutions are framed influences decsion making
-sunk cost effect-complete and expert knowlege
explaining more than previous theories
individual differences( make decions based on experiences)

Question 6

overall prospect theory is

Answer 6

aversion and framing

Question 7

social and emotional

Answer 7

amygdala role == whichprospect theory overlooks

Question 8

autonomy of decsion making

Answer 8

ommission bias- inaction and action
status quo bias- prefer to accept current state than change decions