PSYB10H3 Lecture Notes - Lecture 3: Availability Heuristic, Devaluation
Document Summary
Decisions are easier when we know the future, and we can guess the future by making good inferences. Mental shortcuts to make judgments quickly, save time, and are usually appropriate for the context. Things that come to mind easily, are the focus, and something that recently happened. Overestimating things based on something we saw recently; based on salience i. e. error made when americans think a lot of criminals use insanity plea, when it"s the media that blows up one or two cases of this only. Biased in judgements by what values they consider, even when those values are irrelevant. Seen a lot in negotiations (you always want to set the initial price to set the anchor) i. e. the price of wine example. Even experts in an are of interested are susceptible to being anchored. Even if the person is aware of the other person"s biases, it does not prevent them from being anchored much.
