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### 21 Cards in this Set

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 "Rules of Thumb" or methods that do not optimize or seek perfections, but rather generate quick solutions, answers or decisions that are (hopefully) good enough Heuristics Help us make sense of the world, with little computational demand... they are "biased" toward a particular judgement Visual/Cognitive Heuristics Tendency to form a preference for a given outcome, then justify this preference on the basis of fairness, or adjust the nature of the evidence accordingly Self-Serving Bias Ease of which an example, an instance, or an occurrence comes to mind immediately in the context of the task Availability Judgments are influenced by how a thing, individual, or situation "fits" to a category or stereotype Representativeness Emotional influence can occur before cognitive reasoning takes place, and influences judgement Affect Components of Availability (4) -Ease of recall -Retrievability -Imagined frequency or kind -Presumed association When the likelihood of 2 events co-occuring is judged by the availability of instances of those 2 events, then we tend to assign a high likelihood that those two events will co-occur again. We then tend to interpret that as an association or correlation. Presumed Association Components of Ease of Recall (2) -Vividness -Recency Assumption that the statistics of a small sample will be similar to the parameters of the actual population; prototypes Representativeness 3 types of Reationality -Substantive Rationality (quality of result) -Procedural Rationality (quality of the process) -Bounded Rationality (constraints on the process) 2 extreme "types" of reasoning -fast, efficient, takes little resources, and is "subconscious" -slow, deliberate, effortful, controllable 3 components of bounded rationality -perceptions -deliberate reasoning -what is cued? Disproportionate weight given to initial information Anchoring Disproportionate weight given to the current state Status Quo Disproportional weight given to current choices that justify past choices Sunk cost Disproportional weight given to seeking information that supports preferred outcome Confirming evidence How a decision situation is phrased or characterized can influence the outcome Framing Disproportionate confidence in decisions Overconfidence Disproportionate lack of confidence in decisions Overcautiousness Illusion of Control Bad=External Good=Internal Attribution Errors