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Week 5 Judgment and Decision Making (Judgment and decision making Biases,…
Week 5 Judgment and Decision Making
Perception Process
Existing Knowledge
Emotions
Goals & Needs
Social Identity Theory
Social Prototype
Halo Effect
Attribution
Attribution Process
Consistency
Consensus
Distinctiveness
Fundamental Attribution Error
"Correspondence bias"
attributing other people's behaviour to internal factors rather than external factors
Example: road rage
Judgment and decision making Biases
Overconfidence
Mother of all Biases
Over-precision
Illusion of control
Planning fallacy
Over-placement
Availability Heuristic
Vividness of information
Retrievability
Representative Heuristic
Framing Heuristic
Gain vs No gain - Reluctant to take risk
Loss vs No loss - Willing to take risk
Anchoring bias
Self-serving bias
Escalation of commitment
Hindsight bias
Curse of knowledge
Winner's curse
Unconscious Decision-Making
Unconscious mind not limited by low capacity - suitable for complicated tasks
Conscious mind capacity is limited - 7 items max