PSYB10H3 Lecture 3: lecture 3 september 20
Document Summary
Availability heuristic: where is our attention focused, we are more likely to overestimate the likelihood, frequency, or causal impact of things that are the focus of our attention. Reasons for decreasing # of customers (study at cornell) incorrect pricing changing atmosphere: unclear image, outdates restaurant concept inadequate promotion and advertising changing customer expectations. Attributions: people watches a suspect being interrogated the camera is focused on the suspect. Availability heuristic: we overestimate the likelihood, frequency, or causal impact of things that come easily to mind. Availability heuristic: we are more liky to overestimate the likelihood, frequency, and causal impact of things that, have come to mind frequently or recently, are the focus of our attention, spring easily to mind. Anchoring: people"s esti(cid:373)ates of u(cid:374)k(cid:374)o(cid:449)(cid:374) (cid:395)ua(cid:374)tities a(cid:396)e easily biased by what values they consider, even when those values are obviously arbitrary and irrelevant. Wednesday, september 20, 2017: during a negotiation for a pharmaceutical plant, buyers were instructed to make the first offer.
