Unit 7 - Module 35 Flashcards
(20 cards)
Algorithm
methodical, logical procedure that guarantees solving a problem
Heuristic
simple thinking strategy that allows for judgements and efficient solutions; more error prone
Insight
sudden realization of a solution
Confirmation Bias
tendency to search for information to support our views and ignore contradictory evidence
Fixation
inability to see problem from a new perspective
Mental Set
tendency to approach problems in a way that has been successful in the past
Intuition
effortless, immediate, automatic feelings or thoughts
Representativeness Heuristic
judging likelihood of things in terms of how well the represent prototypes; can lead to ignoring relevant information
Availability Heuristic
estimating likelihood of events based on availability in memory
Overconfidence
tendency to be more confident than correct; overestimate accuracy of beliefs or judgements
Belief Perseverance
clinging to initial conceptions after basis on which they were formed is discredited
Belief Bias
tendency for one’s preexisting beliefs to distort logical reasoning
Framing
the way an issue is posed
Functional Fixedness
tendency to avoid using familiar objects in an unfamiliar way
Loss Aversion
losses are seen as disproportionately more serious than gains of the same magnitude
Rare Possibilities
overestimated
Frequent Possibilities
underestimated
Gambler’s Fallacy
events in a random process with even out (I’ve lost a lot recently, I should win soon)
Regression to the Mean
a variable that is extreme on its first measurement, will be closer to average on the next
Anchoring Heuristic
estimation a decision, not from a neutral starting point, but from an earlier starting point
