Ch. 12 & 14 Decision Making (Exam 3) Flashcards
(21 cards)
1
Q
expected value
A
- average outcome if a scenario is repeated many times
- calculated using probabilities and values of possible outcomes
2
Q
advantages for using expected value
A
- clear prescription for “correct” choices
- lead people to maximize monetary gains given what they know about the world
3
Q
problems with using expected value
A
- difficult to apply for non-monetary decisions
- doesn’t explain actual choices by actual people
4
Q
prospect theory
A
- people don’t make decisions based on expected values, probabilities, and absolute outcomes
- people make decisions based on subjective utility, decision weights, and relative outcomes
5
Q
subjective utility
A
- people transform objective value into subjective utility
- increases more slowly
6
Q
loss aversion
A
- losses loom larger than gains
7
Q
decision weight
A
- people transform objective probability into subjective decision weights
- small probabilities are overweighted
- large probabilities are underweighted
8
Q
framing effect
A
- people make decisions based on gains and losses relative to a point of reference, not based on absolute outcomes
9
Q
reinforcement learning
A
- we perform actions in the world and experience the resulting outcomes as good (reward) or bad (lack of punishment)
10
Q
old idea about dopamine and rewards
A
- midbrain dopamine system signals pleasure/reward
11
Q
learning driven by rewards conclusions
A
- activity of midbrain dopamine neurons is related to reward but dopamine neurons do more
- they code deviations from predictions about time and magnitude of reward
12
Q
reward prediction error
A
- actual reward - expected reward
- greater than 0 = better than expected
- equal to 0 = as expected
- less than 0 = worse than expected
13
Q
reinforcement learning and addiction
A
- opioids physiologically trigger release of dopamine
- misinterpreted as a reward prediction error signal
- expected spike in dopamine forces dopamine neurons to release more dopamine
- crave but don’t like
14
Q
VMPFC patients
A
- perform normally on IQ tests and tests of cognitive control
- seem to make poor life decisions
- predictions of expected emotions necessary for good decision making
- can’t generate expected outcomes
15
Q
prefrontal cortex
A
- maintenance and updating of goals
- shifting between rules, sets, and tasks
- monitoring and adjusting performance
- integrating multiple sources of value
- inhibition of prepotent actions
16
Q
rostral PFC
A
- complex, high level
- abstract
- long timeframe
17
Q
caudal PFC
A
- simple
- concrete
- short timeframe
18
Q
ventral PFC
A
- what
- why
- meaning oriented
19
Q
dorsal PFC
A
- where
- how
- action oriented
20
Q
medial PFC
A
- hot, affective, motivation
- value based
- internal, body-oriented
21
Q
lateral PFC
A
- cold, cognitive
- feature-based
- external, environmental-oriented
