PSYCH 240 Chapter Notes - Chapter 13: Status Quo Bias, Loss Aversion, Confirmation Bias
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B) strength depends on : representativeness of observations, number of observations made, quality of evidence. C) applications in science and real life. Availability: more easily remembered == more probable; can lead to overestimatin of liklihood of dramatic events representativeness: typicality; failure to realize small n == less representativeness and p (a and b) < p(a) or p(b) 4) confirmation bias: we look for evidence in favor of our argument. 5) myside bias: generates evidence that"s biased toward our own opinions. Affected by : emotions, expected emotion. Ongoing emotion that"s relevant to personality, experience, env"t. Experiment showing mood affecting buy and sell prices. Univeristy admission decisions vased on weather judicial parole based on hunger. C) presentation of choices fewer organ donnors status quo bias: not changing current status. When framed in terms of gain, then risk aversion. When framed in terms of losses, then risk-taking. Neuroecon: psychology+neuroscience+economics, gains and losses, guided by emotions.
