PSYCH207 Lecture Notes - Lecture 11: Confirmation Bias, Ultimatum Game, Neuroeconomics
Document Summary
Often time, many decision involve conflict and uncertainty. Conflict: a decision maker must make tradeoffs across different dimensions. Uncertainty: outcome of decision often depends on uncertain variables or events. Many decisions involve uncertain events with unknown probabilities. Q: of all families having exactly six children, in what percentage do you think the exact. Both are equally likely people mistakenly believe that the event is dependent on the previous event. Seeing a relationship one expects to see even when no such relationship occurs. Q: what is the likelihood between twisting your hair and being stressed people will. The tendency to search only for information that will confirm one"s initial hunch or. The associations that we bring to a situation colour our judgment. Confirmation bias: wason 2-4-6 hypothesis and to overlook or ignore other information. Confidence ratings are higher than actual accuracy. Utility models of decision making mathematical in nature utility (value) of the gamble])
