PSYCH 101 Lecture Notes - Lecture 25: Mental Accounting, Availability Heuristic, Risk-Seeking
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PSYCH 101 Full Course Notes
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People overrate the proportion of the total work that they have contributed to a project. The inconsistent patter is typical: on many activities: husband"s ratings + wife"s rating > 100 o. Ratings consistently summed to number greater than 100 across many activities. Shows that an excessive attribution of credit or blame to the self. The result holds for both good things (doing chores) and bad things (spending too much money) Probability due to the greater availability of self-actions that partner actions o. You know how much you put in, but not too sure about other people"s contributions: we judge the frequency of something to occur by how much we see it. Dramatic events seem more common than non-dramatic events. Recent evens seem more common than earlier events. Personally significant events seem more common than experiences of other people. Anything that makes it easy to encode or retrieve information can make events seem more frequent than they are.
