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Flashcards in Bias and decision making Deck (57)
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1

rules of action/thought that define optimality (optimality principles) =

norms

2

_______ is a set of norms

rationality

3

what are the norms of rationality?

be consistent (coherence) and correspond to reality (correspondence)

4

is there a universal set or rational and optimal?

no (nobody can agree on a complete set of norms for reasoning)

5

overestimating frequency = which bias?

availability bias

6

switching your decision based on the question framing = which bias?

framing bias

7

which out of availability and framing bias' is a correspondence error and which is a coherence error?

availability = correspondence, framing = coherence

8

what is 'the linda problem' an example of?

conjunction fallacy (example of bias)

9

decision making method that calculates the option with the highest expected utility =

expected utility theory

10

what is the decision rule for expected utility theory?

choose option with highest expected utility taking into account uncertainty

11

expresses the value of something for its use/preference/enjoyment (not value as in cost) =

utility

12

uncertainty affects _______

expectation

13

what is the formula foe calculating expected utility?

E = p x U (probability x utility)

14

how do you calculate expected utility if there are multiple options?

E = (p1 x U1) + (p2 x U2) etc

15

uncertainty give probability ________

distributions (uncertainty is a distribution around a value)

16

lots of variance = _____ distribution = ____ uncertainty

wide, high

17

is there a unit for utility?

no (utility is the unit)

18

how is rationality bounded?

the world is complex > decisions need to be made quickly, we have limited time, information and cognitive capacity

19

if we can't always be rational how do we make decisions?

use heuristics

20

is correspondence or coherence more important to use to fit with the environment and why?

correspondence > ecological rationality

21

value of an action across evolutionary time =

adaptive value

22

what is evolution trying to provide you with?

cognitive mechanisms that allow you to be successful in maximising long term expected value

23

what are ways to maximise long term expected value?

average benefit of errors, avoiding costly mistakes, avoid high costs

24

heuristics make assumptions about the _______ about _______ and _______

environment, associations, probabilities

25

what amount of info means the recognition heuristic works well?

small amount of info (compared to no info or a lot of info)

26

what were the results from Goldstein & Gigerenzer's study with german and american ppts?

surprising result > german students more accurate for american cities and american students more accurate for german cities (probs because knew a small amount of info)

27

what amount of info interferes with recognition?

too much info

28

recognition heuristic works when the likelihood of hearing an option correlates with its _____ and doesnt work when incidence isn't related to ______

value

29

what are characteristics of good heuristics?

fast, not too much info, relies on an assumption about the environment

30

give some examples of biases defined by norms

expected utility theory, laws of probability (conjunction problem) formal logic (wason selection task), evolutionary adaptiveness (ecological validity)