PSYC 2P20 Lecture Notes - Lecture 9: Omission Bias, Julie Bowen, Loss Aversion
11 Dec 2016
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Document Summary
Judgment: deciding the likelihood of events (e. g. , how likely is it that your friend will drive you to the store?, what is the likelihood of getting a job?) Judgments have different weights for different judgments. Decisions can have large influences on life. Heuristics: mental shortcuts used in judgment and decision-making. They are easy to use (minimal cognitive effort), not always accurate, leads to characteristic errors, and are consistant across individuals. Characteristic errors help us understand how heuristics are used and help understand how decision making and judgment processes work. Representativeness heuristic: the bias towards thinking that something is more likely to belong to a specific category if it appears representative of it. Representativeness is so strong that we forget to consider base rate and sample size information. Conjunction fallacy: judging the probability of a conjunction to be greater than the probability of one of its constituents.
