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PSYC 2650 (226)
Dan Meegan (47)
Chapter 13

Cognitive Psychology Chapter 13

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PSYC 2650
Dan Meegan

Chapter 13 12/12/2012 2:55:00 PM Decision Making - Each decision has costs and benefits attached to it - We weigh the costs against the benefits and seek a path that will minimize the former and maximize the latter - We compare factors in a subjective way by asking how important each factor is to us: expressed through the subjective utility (value) of each factor - The utilities can then be summed to evaluate the overall utility for each outcome - Expected value: probability of a particular outcome X utility of the outcome - Many of our choices follow the principle of utility maximization - The change in the way a problem is phrased, (the frame) has a strong impact on participants choices - There is no right answer - If the frame casts a choice in terms of losses, decision makers tend t
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