Buscar
Estás en modo de exploración. debe iniciar sesión para usar MEMORY

   Inicia sesión para empezar

level: first half

Questions and Answers List

level questions: first half

QuestionAnswer
Normative decision makinghow people should make judgments and decisions
Descriptive decision makinghow people actually make judgments and decisions
Prescriptive decision makingpractical suggestions on designing judgment and decision making processes based on normative and descriptive models
System 1fast intuitive system of decision making
System 2slow effortful system of decision making
Cognitive dissonancemental discomfort when our actions don't match our beliefs
Heuristicsmental shortcuts to find adequate imperfect answers to difficult questions
Utilitywhatever is maximized
Prospect theorygains and losses are evaluated differently based on risk and uncertainty
Ambiguity aversionwilling to pay less for a vague choice than for a clear choice
Loss aversionwe rather avoid a loss over receiving the same size gain
Endowment effectwe attach a higher value to something that we own than what we don't own
Framingthe way information is presented influences judgments and decisions
Mental accountingdifferent accounts for different purposes. Gains and losses feel different depending on which account it is booked
Reality of decision makingonly use a subset of available information in a biased way
Representativeness consists ofinsensitivity to base rates: we tend to ignore priors insensitivity to sample size: fail to appreciate the importance of sample size"
Pattern recognitionfocus on cause effect stories where chance and randomness are easily overlooked
Regression to the meannumbers tend to their long term average
Motivated reasoningunconsciously favor information that supports our pre existing beliefs rather than contradicting information to arrive at our desired outcome
Planning fallacyunderestimating the probability that at least somethings will go wrong overestimate the probability of conjunctive events underestimate the probability of disjunctive events
Decision crossover effectfuture promotion decisions are based on current performance evaluations
Moral disengagement theorypeople use common moral standards to control their actions and avoid breaking these rules
Elastic justification theoryhow people stretch their reasoning to justify their decisions or actions to themselves and others
Risk aversion (different from risk averse)we prefer a certain gain over a larger gain with more risk
Expectation gapdifferences between the interpretation and the openness to other possible explanations
Increased pupillary responseIncreased arousal which causes greater attention and cognitive processing
Over optimismindividuals believe they have greater control over uncertain events
Miscalibrationindividuals underestimating the variance of uncertain outcomes and set distribution too narrow
Social comparisoncompare own performance with someone else's