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Canada (158,391)
Psychology (9,573)
PSYB57H3 (369)
Chapter 11

Chapter 11. Making Decisions

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University of Toronto Scarborough
Gabriela Ilie

Chapter 11. Making Decisions Saturday, April 09, 2011 11:27 PM Decision making refers to the mental activities that takes place in choosing among alternatives. { Typically, decisions are made in the face of some amount of uncertainty. { Success is often taken to be the rationality of the decision. Rationality: a property of thinking or decision making such that the processes used are selected with the processors overall goals and principles in mind. { Cognitive overload: breakdown of cognitive processing that occurs when the available information exceeds processing capacity. Decision making can be divided into five different categories - these tasks often occur in a particular order, but there may be cycles to an order, in which certain tasks are revisited and redone. Phases of decision making conveys the idea that there may or may not be a set order to the tasks, that the performance of one task can overlap the performance of another, that some tasks may be skipped, and that tasks can be done in different orders. { Setting goals. The idea is that the decision maker takes stock of his or her plans for the future, his or her principles and values, and his or her priorities. { Gathering information. What are the various options and possible criteria for making the choice? { Structuring decision. Decision structuring: the process(es) by which an individual selects one course of action from among alternatives. { Making a final choice. This may involve a procedure or other decisions such as deciding when the cease the information gathering phase or deciding which information is more relevant or reliable. { Evaluating. Aim here is to reflect on the process and identify those aspects that could be improved. Probability: measurement of a degree of uncertainty, expressed as a number between 0 and 1. { Treats differences in intermediate values of probability as corresponding to different gambles or lotteries. { Peoples intuitions regarding the rules of probability theory are often way off the mark - often much higher than the actual value. { Subjective probabilities: an intuitive estimate of the likelihood of occurrence of an event. Biases: a tendency to think in a certain way or to follow certain procedures regardless of the facts of the matter. Cognitive illusions: the systematic biases and errors in human decision making. { Illusions tells us something about the w
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