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psyc 213 - cognition > chapter 13: decision making > Flashcards

chapter 13: decision making Flashcards

1
Q

what are the three categories of biases that are caused by using heuristics

A
  1. biases that affect how we interpret info
  2. biases that affect how we judge frequency
  3. biases that affect how we make predictions
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2
Q

define representative heuristic

A

tend to make inferences on the basis that small samples resemble the larger population they were drawn from

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3
Q

representative heuristic results in 2 biases. what are they?

A
  • base-rate neglect
  • conjunction fallacy
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4
Q

what is the base-rate fallacy

A

people ignore the underlying probability of an event in favor of some present evidence

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5
Q

define conjunction fallacy

A

false belief that the conjunction of two conditions is more likely than either single condition

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6
Q

what is the bias “regression toward the mean”

A

when a process is somewhat random, extreme values will be closer to the mean when measured a second time

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7
Q

what is the expected utility hypothesis (EUT)

A

when people are faced with multiple options, they will choose the one that returns the highest likely value

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8
Q

define neuroeconomics

A

combination of economic theory, psychology and neuroscience to understand decision making

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9
Q

reasoning is defined as the process of …

A

drawing new conclusions from a given set of info

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10
Q

what is the naem of the process of choosing a specific course of behavioral actions from among many possibilities

A

decision making…

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11
Q

name and differentiate the two basic classes of reasoning

A

deduction: top-down
induction: bottom-up

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12
Q

which word refers to statements that can be true or false and can refer to properties of external world

A

propositions

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13
Q

what are syllogism

A

kind of reasoning in which a conclusion is derived from two or more propositional statements

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14
Q

name 2 types of syllogism

A
  • categorical syllogism: 2 premises, 1 conclusion
  • conditional syllogism: relates 2 propositions
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15
Q

define belief bias

A

tendency to rate conclusions that are more believable as more valid

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16
Q

what causes the belief bias

A
  • cognitive shortcuts
  • atmosphere effect
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17
Q

explain Phillip Johnson-Laird’s theory where people construct mental models

A

if syllogism involved concrete concepts
→ visualization of sentences
→ mental exploration to see whether model breaks down

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18
Q

in the conditional syllogism, what are the two valid deductions we can make

A
  • affirming the antecedent
  • denying the consequent
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19
Q

name the invalid deductions that can be made from the conditional syllogism

A
  • affirming the consequent
  • denying the antecedent
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20
Q

if we think about Wason’s card task, what is the key to testing a rule to see if it is true or not

A

check cases that have the potential to prove it wrong or falsify it

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21
Q

what is the confirmation bias

A

tendency to find supporting evidence for a hypothesis or belief

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22
Q

why did Wason’s card task result in such low performance

A

people perform more effectively when dealing with concrete, real-world examples

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23
Q

name the different types of inductive reasoning

A
  • generalization
  • statistical syllogism: observation about a group to inference about individual
  • argument from analogy: 2 things share properties = must share diff properties as well
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24
Q

define one-shot learning

A

concept is learned from a single example

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25
Q

according to Kahneman, what were the two different reasoning systems

A
  1. “slow” system: serial, logical analysis of info
  2. “fast” system: heuristic shortcuts, pattern matching
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26
Q

what is an availability heuristic

A

tendency to rely on info that quickly comes to mind when trying to make a decision

27
Q

what is the affect heuristic

A

tendency for people to overestimate the risk of events that generate a strong emotional reaction

28
Q

explain the heuristic called anchoring

A

tendency for people to focus and rely on initial pieces of information

29
Q

what kind of people are more susceptible to the anchoring heuristic

A

people more prone to trusting others

30
Q

what is the representativeness heuristic

A

tendency for people to rely on the fact that a person or object they are trying to make a decision about conforms to a specific category while neglecting other types of info/reasoning

31
Q

define cultural cognition

A

tendency to hold beliefs about risk that are consistent with their broader social and moral values

32
Q

define loss aversion

A

prefer to avoid losing something as compared with not gaining something of equal value

33
Q

define endowment effect

A

people place higher value on objects they already own over those that they don’t yet own

34
Q

what is the Ikea effect

A

tendency for people to value items that they themselves created or built compared with items they bought or were given

35
Q

define the status quo bias

A

tendency to leave things as they currently are, rather than making a change

36
Q

how does framing affect decision making

A

people tend to favor options that are presented in a positive, rather than negative fashion
- affects perception too

37
Q

what are the two types of emotional factors in decision making

A

integral emotions: directly related to decision
incidental emotions: state of person at the time of decision

38
Q

in the sell and choice experiment, what could be observed in people that were in a negative mood

A

more motivated to change smt
- wanna sell to get rid of object or wanna buy it if don’t already have it

39
Q

explain the experimental paradigm called the Ultimate Game

A

2 strangers with opportunity to split money

  • responder willing to reject offer if too unfair
  • role of strong emotions in decision making
40
Q

what region in the prefrontal cortex plays a significant role in decision making

A

ventromedial prefrontal cortex

41
Q

what happens when there is bilateral lesion of the vmPFC

A

decision-making myopia

  • doesn’t take long-term outcomes into account
  • capable of reasoning appropriate beh but can’t select those beh when faced with decision
42
Q

what exactly is the role of the vmPFC

A

associates emotional reaction with beh

  • when damaged, circuit broken so predictive emotional responses are stunted = riskier, more rash beh
43
Q

describe the findings from the Stanford Marshmallow Experiment

A
  • ability to cope with frustration and stress positively correlated with ability to wait for marshmallow
  • prefrontal cortex more highly activated
  • ability to delay gratification is mix of neurological and environmental factors
44
Q

what is the nudge theory

A

strategy where businesses, etc try to encourage people to make certain beh choices by introducing small changes to env

45
Q

give an example of the nudge theory

A
  • opt-out instead of opt-in
  • surcharge for plastic bag instead of discount for bringing reusable
46
Q

what is the gambler’s fallacy

A

false belief that a predicted outcome of an independent event depends on past outcomes

47
Q

what is the hot-hand belief

A

thinking that a person who experiences success will keep having success

48
Q

differentiate between the post-mortem and pre-mortem techniques

A

post: learning from failures
pre: anticipate and prevent mistakes before they result in catastrophe

49
Q

why do we describe people as being bounded rational?

A

people have both environmental and individual constraints
- reason why we use heuristics

50
Q

people are considered satisficers because..

A

they look for solutions that are “good enough”

51
Q

explain Gigerenzer’s alternative view called “ecological rationality”

A

views heuristics not as a “good enough” approach to solving a problem but as the optimal approach

52
Q

Which of the following is NOT TRUE about heuristics and biases?
a. the conjunction fallacy arises because people use the availability heuristic
b. regression towards the mean only happens when there is not a perfect correlation
c. heuristics sometimes can give the right answer
d. people use heuristics because we are boundedly rational

A

a. the conjunction fallacy arises because people use the availability heuristic

53
Q

differentiate between perceptual decision making and value-based decision making

A

perceptual: objective criterion for making your choice (externally defined)
value-based: subjective criterion for making your choice (internally defined)

54
Q

define risk premium

A

difference between expected gains of a risky option and a certain option

55
Q

name and explain the 3 risk attitude profiles

A

risk averse: decision maker has positive risk premium
risk neutral: decision maker has zero risk premium
risk seeking: decision maker has negative risk premium

56
Q

according to the framing effect, in which condition would people be risk-averse and risk-seeking

A

risk-averse: when options are described as gains
- they prefer the sure thing and go for safety

risk-seeking: when options are described as losses
- they can tolerate an uncertain thing and risk a loss

57
Q

what is the prospect theory

A
  • utility: subjective value assigned to an object
  • probability weighting: probability not treated objectively
58
Q

if we say that choices are influenced by your affect (emotional response), which brain region would show increased activity during decision making

A

amygdala

59
Q

what is the prediction error

A

difference between what you predicted would happen and what actually happened
- positive or negative

60
Q

which of the following statements about prospect theory is false?
a. it tells us how people do act instead of how they should act
b. the asymmetry of the utility function is made to account for the framing effect
c. people tend to overestimate the probability of rare events and underestimate the probability of common events
d. utility is an immutable property and is reference independent

A

d. utility is an immutable property and is reference independent

61
Q

if someone went to a park everyday and saw dogs wearing top-hats. they conclude that all dogs that visit this park wear top-hats. this is an example of ___ reasoning because you are reasoning ___ information.
a. inductive or deductive
b. from or towards

A

inductive
from

62
Q

what are illusory correlations

A

linking two co-occurring events and assuming a relationship

63
Q

how does the prediction bias differ in people with depression and severe depression

A
  • mild depression: no bias
  • severe depression: pessimistic bias
64
Q

how does the availability heuristic bias our judgements?
a. it makes judgments more accurate when information is available
b. we confuse the frequency of what we can remember with actual occurrences
c. it facilitates ambiguous decisions
d. we always recall things more easily when they occur frequently

A

b. we confuse the frequency of what we can remember with actual occurrences

psyc 213 - cognition (13 decks)

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