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