PSYCH203 // LECTURE 9 // DECISION MAKING
Decision Making Mastery Quiz
Test your knowledge on decision-making theories and concepts with our engaging quiz. Dive into topics like Expected Value Theory, Prospect Theory, and biases that influence our choices every day.
Challenges await you in the following areas:
- Descriptive vs. Normative Decision Models
- Framing and Sunk Cost Effects
- Heuristics and Biases
- Decision-Making Phases
Expected Value Theory AND Subjective Utility Theory belong to which models?
Descriptive Decision Models
Normative (Rational)
Reasoning & Logic
Expected value
Framing & Sunk Cost Effects, Prospect Theory, Heuristics & Biases, Recognition-Primed Decision Making (RPD), all belong to which model?
Descriptive Decision Models
Normative (Rational)
Reasoning & Logic
Expected value
Reasoning & Logic Inductive & Deductive Reasoning belong to which model?
Descriptive Decision Models
The SRK Model
Normative (Rational)
Expected value
economic man & woman” base decisions on maximising the expected value (payoff), is the definition of which theory?
Subjective utility theory
Economic theory
Maximizing expected value theory
Expected value theory
Subjective Utility Theory attempts to.....
Contextualize decision making
Make decision making subjective
Base decision making on subjective utilities
Eat cake while making decisions
People don’t make the absolutely best decisions they make decisions that are good enough, this is called what?
Sacrificing
Satisficing
Making-do
Coming-up-short
People take shortcuts in making decisions based on their past experiences, this is called what?
Heuristics & Biases
Discrimination Bias
Experience bias
Heuristic Bias
Slight changes in wording the question (the problem frame) result in different decisions, this is called what?
The sunk cost effect
The shortcut effect
The Framing effect
The problem-change effect
Money and effort you’ve already spent (futilely) shouldn’t affect your decision, this is called what?
The money effect
The Sunk Cost Effect
The framing effect
The futilely effect
We make decisions based on gains and losses rather than final assets, what is this called?
Non-final function
Function of gains and losses
Value function
Outcome function
What are the Two phases in decision-making process?
Editing phase, Evaluation phase
Construction phase, conclusion phase
Introductory phase, ending phase
Modeling phase, concluding phase
Organising and reformulating the options as a prospect (gain or loss) to simplify choice, is the process of which phase?
Evaluation phase
Cake phase
Editing phase
Prospective phase
evaluating each of the edited prospects and choosing the one of highest value, is a description of which phase?
Evaluation phase
Cake phase
Editing phase
Prospective phase
in obtaining information, Cue simplicity is...
Early information carries the most weight
Attention to a limited number of sources
(As-if Heuristic) the reliability or value of an information source is not considered
Prominent information is given more weight
in obtaining information, Cue primacy is...
Early information carries the most weight
Attention to a limited number of sources
(As-if Heuristic) the reliability or value of an information source is not considered
Prominent information is given more weight
in obtaining information, Cue reliability is...
Early information carries the most weight
(As-if Heuristic) the reliability or value of an information source is not considered
Attention to a limited number of sources
Prominent information is given more weight
in obtaining information, Cue salience is...
Attention to a limited number of sources
Prominent information is given more weight
Early information carries the most weight
(As-if Heuristic) the reliability or value of an information source is not considered
In selecting actions, Restricted range is...
only consider a few possible courses of action (elimination by aspects)
Avoid actions that might cost, unpleasantness of a loss is greater than the pleasure of a gain of the same magnitude (Framing Effect)
Stick with course of action even though the conditions have changed (Sunk Costs Effect)
Overestimate of one’s own skills or knowledge
In selecting actions, Loss aversion is...
Only consider a few possible courses of action (elimination by aspects)
Stick with course of action even though the conditions have changed (Sunk Costs Effect)
Avoid actions that might cost, unpleasantness of a loss is greater than the pleasure of a gain of the same magnitude (Framing Effect)
Overestimate of one’s own skills or knowledge
In selecting actions, Cognitive fixation is...
Avoid actions that might cost, unpleasantness of a loss is greater than the pleasure of a gain of the same magnitude (Framing Effect)
Stick with course of action even though the conditions have changed (Sunk Costs Effect)
Overestimate of one’s own skills or knowledge
Only consider a few possible courses of action (elimination by aspects)
In selecting actions, Overconfidence Bias is...
Avoid actions that might cost, unpleasantness of a loss is greater than the pleasure of a gain of the same magnitude (Framing Effect)
Stick with course of action even though the conditions have changed (Sunk Costs Effect)
Only consider a few possible courses of action (elimination by aspects)
Overestimate of one’s own skills or knowledge
The human decision maker is:
Impatient
Simple
Trusting
Conservative
Optimistic
All of the Above
A< B< C< D only
Experts recognise a pattern and recall a single course of action (looks like intuition) without comparing & contrasting all possible alternatives, is called what?
Recognition-Primed Decision Making
Naturalistic Decision Making
The SRK Model
A & B
To work well, in which model, must you have seen lots of previous examples (expertise) and have good situation awareness?
Recognition-Primed Decision Making
The SRK Model
Naturalistic Decision Making
A & B
During decision-making, emotional and visceral representations associated with an option (from prior experience) are re-activated to implicitly influence decision making, what is this called?
Somatic Marker Hypothesis
The Iowa Gambling Task
Deductive fallacies
Emotional and visceral hypothesis
What is Deductive Reasoning
Reasoning from the specific to the general
Reasoning from the general to the specific
Starts with premises
Conditional arguments
What are Syllogisms?
Confirming the consequence
Deductive fallacies
Conditional arguments (if-then arguments)
VMpfc
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