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Week 3! Judgement and Decision Making (Purpose (Perception (receiving and…
Week 3! Judgement and Decision Making
Purpose
introduce common tendencies and biases in cognitive processes
Perception
receiving and making sense of info from environment
Attribution
Judgement and Decision-Making
Biases from the Target
Perception
Biases from the Perceiver
Judgement and Decision Making
Overconfidence
Attribution
Four Specific Forms of Overconfidence
Fundamental Attribution Error
Heuristic
Representativeness Heuristic
Framing Heuristic
Availability Heuristic
Unconscious Decision-Making
Winner's Curse
Curse of Knowledge
Bias
Anchoring Bias
Self-serving Bias in Judgement
Escalation of Commitment - Sunk Cost Trap
Hindsight Bias