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Week 5 Judgment & decision making (Decision-making Biases…
Week 5 Judgment & decision making
Perception process
perceiver characertistics
goal and needs
Expertise
Emotions
Reality
Perception
Actions
Social identity theory
social prototype
group belonging
Halo effect
single characteristic
Attribution process
Distinctiveness
Consensus
Consistency
Decision-making Biases
Anchoring
Initial estimates
Winners curse
Heuristics
Availability
Representitavness
Hindsight
"I knew that would happen"
Overconfidence
Over-precision
Illusion of control
Planning fallacy
Over-placement
Self-serving
Best outcome for one-self
Curse of Knowledge
Lack of knowledge in decisions
Unconscious decision making
Conscious mind capacity is limited
Unconscious one is not limited and more suitable
Forced conscious processing lead to poor result
Fundamental attribution error
Example : road rage