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Ch. 12 lecture notes

Course Code
Christine Burton

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Chapter 12: decision making and reasoning June 16
25-30% of the exam chapters 11 and 12
Decision making
Classical Decision Theory
-made 3 assumptions (this model is too harsh, doesnt take into account intricacies of
human decisions
-sensitive to little differences between options
-knew all the options available
-fully rationally made final choice
-Goal was to maximize their final Choice
____stats theory (or something like that)
-Maximize pleasure and avoid pain
-Calculate subject utility and subjective probability
-utility (looking at how useful something is)
-subjective probability (how likely something may or may not be)
-CON: says were doing difficult calculations in our head all day
-PRO:Says that when two people make the same decision can result in differences
-PRO:each persons makes their own decision depending on own personal assessments and
come to different decisions
-follow up: 5 factors
Satisficing: suggests that we consider our options and once we find an option that meets our
minimum satisfaction we take that first option. Rational. Sometimes we have to broaden or
narrow or criteria to find an answer.
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Elimination by aspects: this is what we do when there are more options than in the time we
can consider. Eliminate the options that dont meet one of our aspects. Repetivively and
systematically eliminating options that doesnt meet ur required criteria
Group decision making:
-can enhance decision making
-more ideas
-better memory of events
-groups work well when their small, open communication
- better with group facilitator and not group leader
-Disadvantages of group decisions
-Groupthink: premature decision made by members trying to avoid conflict
-symptoms of groupthink: (PPT)
-differences between ideas
-some may work harder (which may cause resentment)
-Heuristics influencing decision making
-anchoring and adjustment
-illusory correlation
-hindsight bias
Representative Heuristic
-can lead to errors but can still be accurate
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