Psychology 2135A/B Lecture Notes - Lecture 19: Prospective Memory, Episodic Memory, Prospect Theory

• School: Western University
• Department: Psychology
• Course: Psychology 2135A/B
• Professor: John Paul Minda

Document Summary

Decision making what is decision making? reducing uncertainty -- we want to choose an outcome and gain control maximizing outcome -- get the best deal possible for whatever decision we"re going to make theories of decision making decision errors. Expected value people set a value (if they know it) for all the alternatives and choose the most valuable one this is done by calculating an expected value for each alternative example: Winning with probability . 20, or else winning nothing. Violations certainty effect -- people like certain outcomes framing effects heuristics and biases. Imagine that london is preparing for the outbreak of a disease. Two programs to combat the disease have been proposed. There will be a 1/3 probability that 600 people will be saved, and a 2/3 probability that no people will be saved option a is a safe option because at least you"re saving 200 people for sure.