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chapter 13- decision making.docx

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McMaster University
Judith Shedden

Psych 2H03: Human Learning and Cognition Chapter 13: Decision Making Subjective utility: the personal evaluation of a decision outcome. Unconscious thought theory (UTT): described in 3 principles: unconscious thought requires little cognitive capacity; it tends to be guided by expectations and schemas; and it weighs the relative importance of various attributes in an unbiased way. Heuristics: a shortcut or rule of thumb that often, but not always, helps to solve a problem. Algorithm: a clearly defined set of procedures that, if given enough time, will always solve a problem. Representativeness: the likelihood of an event, judging by how similar it is to another event of known probability. Base rate: a known proportion of a sample or population. Availability: a heuristic that uses the ease by which facts are retrieved as an indicator of how important they are or how frequently they occur. Anchoring and adjustment: using initial information as a starting point and then adapting from it to make judgments about other measurements; this prevents the problem solver from deviating from the initial information, even in the face of contradictory information. Somatic marker hypothesis: the theory that the entire body’s emotion-related circuitry is the basic system in which decision making occurs. Decision fallacy: the false belief that two events, which are independent of each other, are casually related. Sunk cost: invested money or resources that cannot be recovered. Sunk cost fallacy: committing additional money or resources into an unprofitable activity because one has already invested in it; additional resources increase the cost of the investment but not the likelihood of a positive outcome. Gambler’s fallacy: the mistaken belief that independent past eve
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