PSYCH207 Study Guide - Quiz Guide: Japanese Domestic Market, Illusory Correlation, Confirmation Bias
22 Jul 2016
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People tend to make an estimate, and then revise it upward because of cost factors, an example of the anchoring and adjusting heuristic. Every family has their first born child 3. Fallacy is that the next toss will come up tails. The larger the sample the more that sample will mimic the general distribution it doesn"t matter how many times a t ail will appear, the next toss will still be a 50 - 50 instance. Conflict decision maker must make tradeoffs across different dimensions (e. g. , car"s power vs. gas mileage; tv"s price quality; spending time at work vs. with fa mily) 2. Uncertainty - outcome of decision often depends on uncertain variables or events (e. g. , future demand for a product; completion time). *when somebody is familiar to you, you tend to overestimate the likelihood of something. * the man has a heart attack the correct answer; usually not chosen because ignoring base rate information; other options are subgroups.
