Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

21 Cards in this Set

  • Front
  • Back
"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
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
Judgments are influenced by how a thing, individual, or situation "fits" to a category or stereotype
Emotional influence can occur before cognitive reasoning takes place, and influences judgement
Components of Availability (4)
-Ease of recall
-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)
Assumption that the statistics of a small sample will be similar to the parameters of the actual population; prototypes
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
-deliberate reasoning
-what is cued?
Disproportionate weight given to initial information
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
Disproportionate confidence in decisions
Disproportionate lack of confidence in decisions
Illusion of Control
Attribution Errors