Judgement & Decision Making Flashcards
(5 cards)
1
Q
What is this known as:
False expectations that past events would influence the future.
A
Gamblers fallacy
2
Q
What is this:
The probability of something happening often changes when new information arrives.
A
The Bayesian Theorem
3
Q
Who created the dual-process model?
A
Kahenman (2003)
4
Q
Who created the utility theory?
A
von Neumann & Morgenstern (1947)
5
Q
What is this known as:
Explains decision-making behaviours under conditions of risk and uncertainty.
A
The prospect theory
