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### 13 Cards in this Set

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• Back
 Normative Model Describes what people should do -provides standard for comparing how closely actual decisions match normative decisions Descriptive Model Describes what people actually do Compensatory Model Strategy that allows positive attributes to compensate for negative ones -Additive Model-adds attribute values to assign a score to each alternative(pros & cons) -Additive-Difference Model-compares 2 alternatives by adding the difference in their values for each attirubte Noncompensatory Model Strategy that rejects alternatives that have negative attributes without considering their positive attributes -elimination by aspects -conjunctive -satisficing search Satisficing Strategy that follows the conjunctive model and therefore selects the 1st alternative that satisfies the minimum criterion for each attribute Availability Strategy Used to help assess probability of an event -Estimating probability by the ease with which examples can be recalled -the more readily instances of event come to mind, the higer the judged probability of the event Effected By: 1)Frequency-more frequent you encounter, more likely it is 2)Emotional Salience 3)Recency Representativeness Strategy Extent to which an event is typical or a larger class of events -heuristic to make probability judgments -Degree to which A is representative of B, & A resembles B -Used to help predict future events --Involves comparing a new situation to some unknown situation Problems with Representativeness Strategy -Decisions ignore other relevant info (sample size) -Ignoring probabilities entirely, by basing decision only on similarity between instance and a concept -misleading when its based on trivial or irrelevant similarities Expected Value The average value, as determined by combining the value of events with their probability of occurence -Standard of reference to compare how well people make decisions -Multiply value of each possible outcome by its probability & add products Expectation Models Model of decision that assumes that a person should behave in a rational way -Should calculate expected value-but not all people behave this way Utility Subjective value as determined by decision maker -What the outcome is worth to individual Subjective Probability Estimated probability as determined by the decision maker -what they think the actual probabilities are Recognition Primed Decision Decision that quickly made following recognition of a situation -once problem is recognized, experienced decision -makers can usually identify an acceptable course of action as the 1st 1 they consider, rather than having to consider multiple options