PSYCH 101 Lecture Notes - Lecture 25: Alligator Shoes, 18 Months, Psych
Document Summary
Diff types of decision making biases: most likely to happen under automatic processing routine, tired, etc. If you think of baserate (statistical) information, you should grab in bowl a (10% vs 9%). But under automatic processing, increase tendency to choose bowl b bc they are ignoring baserate information, even though odds are better. Ignore baserate and pay attention to other types of info that will lead you to less effective decision-making strategy. Rely on a rule of thumb/mental shortcut. If something costs more, it must be higher quality. Availably heuristic base decision on how easily or readily available info is. Tendency to say actors even if they were actors were a- list names that might easily pop into your mind bc they were famous people. Plane crashes are covered more often, lots of attention. Even though car crashes are much more likely. People base decision on how much description (of jim) matches/represents schema of that group (accountant)
