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Lecture 10

Lecture 10 PSYC 107.docx

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Department
Psychology
Course
PSYC 107
Professor
Lisa Geraci
Semester
Spring

Description
Keith Owen 2/25/14 PSYC 107 Decision Making: Shortcuts and Information That We Ignore What is Decision Making?  Any case where we are presented with two or more courses of action and must select just  one.  We make numerous decisions in life. o Set the course for our life.  The Big Question: o How accurate are our decisions? Decision Making  People are not always rational decision makers.  We use heuristics to make decisions. o Shortcuts that often work but will sometimes lead to bad decisions. Representativeness Heuristic  Used when categorizing people or situations. o Quick, easy way to make decisions. o Sometimes leads to correct decision, sometimes does not. o Very powerful.  Judge the likelihood that something belongs to a category based on how much it  resembles your idea of the category.  Conjunction Fallacy: Mistake of assuming a conjunction is more likely than a constituent  event. Availability Heuristic  People estimate frequency of an event by the ease of retrieving examples
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