PSYB10H3 Lecture Notes - Lecture 3: Neutral Party, Observational Error

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Published on 24 Oct 2015
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PSYB10 LECTURE 3 – SEPTEMBER 28 2015
Heuristic – mental shortcut/rule of thumb for making judgments
oSave time + Are good enough
oAre prone to systematic error
oAvailability Heuristic (what are people hearing about)
We’re likely to overestimate the likelihood/frequency/causal important
than meet these criteria, systematic errors can impact
Have to come to mind recently/ frequently
oIf you can’t remember something instantly, you assume it
didn’t happen
o“how man tiger attacks in GTA” “none, cause I remember
none”
Are focus of our attention
oPeople driving cars after 9/11, caused an increase in car
crashes because everyone was driving (thought it was
safer)
oApple headphones – made something unique looking and
recognizable and causes it to stick in peoples mind
oEconomic Decisions
Hearing only about people getting rich from
investing in real estate going up, makes it seem like
it’s never going to go down
Hearing only about the economy being bad causes
further economic problems as companies begin to
cut costs
oIt’s hard for people to think about what can go under
“other” categories, and focus on what is on their face more
Pay attention to the things that we find out there
Spring to mind
oThere’s an opposite effect, where bringing things to mind
happens
“name 5 things u like about me” is pretty difficult,
“name 1 thing u like about me” Is easy
Anchoring – peoples estimates of unknown quantities are easily biased by what values
they consider, even if the values are arbitrary and irrelevant
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Document Summary

Psyb10 lecture 3 september 28 2015: heuristic mental shortcut/rule of thumb for making judgments, save time + are good enough, are prone to systematic error, availability heuristic (what are people hearing about) Hearing only about people getting rich from investing in real estate going up, makes it seem like it"s never going to go down. Hearing only about the economy being bad causes further economic problems as companies begin to cut costs: it"s hard for people to think about what can go under. Other categories, and focus on what is on their face more. Pay attention to the things that we find out there: spring to mind, there"s an opposite effect, where bringing things to mind happens. Name 5 things u like about me is pretty difficult, Name 1 thing u like about me is easy: anchoring peoples estimates of unknown quantities are easily biased by what values they consider, even if the values are arbitrary and irrelevant.

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