Psychology 2135A/B Lecture Notes - Lecture 23: Rationality, Satisficing
20 Jan 2019
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Expected utility: outcome depend on goals, not just value, gambling or rolling up the rim may have an inherent psychological utility, there is a benefit to getting the coffee regardless of whether you win or not. Framing effects: disease kills 600 people, there are two programs, a. Availability heuristic: use things more readily in our knowledge base, lottery winning or losing we remember the time we won more than the time we lost. People favour the one that looks more random, part of the gambler"s fallacy: minda"s roll up the rim didn"t seen representativeness to a random winning percentage, it is possible to have 35 loosing cups in a row. It hurts to lose , but doesn"t hurt twice as much to lose : the curve is asymmetrical, we value losses more than we value gains. Entrapment (sunk contest: spent on a movie, by first half hour you know it is bad.
