HLTH173 Lecture Notes - Lecture 9: Subjective Expected Utility, Expected Utility Hypothesis, Availability Heuristic
2 Aug 2016
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Document Summary
Information availability - there is some amount available re alternatives: option selection - must select 1 option from a number of alternatives. 2: timeframe length - the timeframe is relatively long ( > 1 second, choice - the choice is associated with uncertainty. Assign values to each attribute for each possibility, add them up, and choose whichever one gives the best result. Trying to optimize best result, but this does not always happen. Rely on 3 main things: heuristics satisficing (shortcut, simple and effective) Decision maker generates and considers choices only until one is found that is acceptable. Doesn"t always evaluate what optimal decision is: past experience, social and cultural norms (all of these are powerful and efficient short cuts that often work most of the time, but that are not perfect) Relatively limited in scope because it quickly becomes clear that different choices have different values in life to different people ( .
