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Chapter 11

Chapter 11-Decisions

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Psychology 2135A/B
Patrick Brown

Chapter 11Making DecisionsDecision making the mental activities that take place in choosing among alternativesDecisions are made under uncertaintyRATIONALITYselecting ways of thinking and deciding with your overall goals and principles in mindCOGNITIVE OVERLOADwhen the information available overwhelms the cognitive processing availableStrategies for coping with overload can lead to decisional error and irrationality Phases of DecisionMaking 1 Setting GoalsDecision maker takes stock of hisher plans for the future and sets goals to reach them 2 Gathering InformationWhat are the options Who is affected by each option and how Does each option open or close off other optionsGather information about criteria 3 Structuring the DecisionDECISION STRUCTURINGdetermine a way of managing all the criteria and options for consideration 4 Making a Final Choice 5 Evaluating Basic Concepts of ProbabilityPROBABILITYdegree of uncertainty0complete certainty an event wont happen 1complete certainty an event will happenMood has effect on your estimates of probability of successSUBJECTIVE PROBABILITIESare influenced by characteristics of the estimator OBJECTIVE PROBABILITIESare not Cognitive Illusions in Decision MakingOften information that ppl gather to make decisions comes from their own memoriesBIASESways of thinking that lead to systematic error
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