Decision Making Assessing and choosing among probable options Probability Judgements How often something occurs, how likely something is to occur
Can be computed objectively through algorithms But we are usually subjective using heuristics Framing Effects Asian Disease Problem Anchoring & Adjustment Heuristic Make a first guess then adjust African Nations Birthday Problem Availability Heuristic (Things that are recalled easier are judged to be more frequent/likely) Confirmation Bias Biased by our beliefs/desires/fears Gambler's Fallacy Hot streak Persistence (Suicide Notes Study, Lord, Lepper & Ross) Illusory Correlations (Chapman & Chapman) Frequency Media Effects Familiarity Famous Names Recency Vividness
Representativeness Heuristic Preference for random or expected outcomes Base Rate Neglect Conjunction Fallacy Lack of use of Sample size Stereotypes Simulation Heuristic if we can imagine an event happening it seems more likely we make a number of judgments based on the narrative of events leading up to a result counter-factuals (the undoing heuristic) hindsight bias