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Flashcards in Decision Making Deck (20)
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People make decisions that maximize ___ and minimize ___.

Benefit, Risk.


Prospect Theory.

Argues that people choose to take on risk when evaluating potential losses and avoiding risks when evaluating potential gains. Tversky and Kahneman.


Identify and describe the two phases of decision making:

Phase 1: Simplify available information.
Phase 2: Choose the prospect (what offers best value).


Certainty Effect.

When making a decision, people give greater weight to outcomes that are a sure thing. Certainty over expected payoffs. Choosing discount over payoffs.


Frequency Format Hypothesis.

Our minds evolved to notice how frequently things occur, not how likely they are to occur.


Means-End Analysis.

Developed by Karl Dunker, refers to a process searching for the means or steps to reduce the differences between the current situation and the desired goal.


Analogical problem solving states that successful problem solving depends on...

Learning the underlying principles.


Flashes of insight help us...

Reconstruct the problem.


Gestalt psychologists believed a flash of insight meant the...

Spontaneous reconstructing of a problem.


What did Metcalfe and Wiebe find regarding flashes of insight?

People are more likely to solve an insight problem if they felt they were gradually getting closer, but incremental steps did not predict the likelihood of solving the ptoblem.


What did Bowers, Regehr, Balthazard, and Parker find regarding flashes of insight?

Insightful problem solving is an incremental process (priming leads to flash of insight).


What are the steps leading up to flashes of insight?

1. Activation of relavent information.
2. Recruiting of additional information.
3. Activating sufficient information.
4. Crosses awareness threshold.
5. Flash of Insight.


Functional Fixedness.

When we see something one way, it is hard for us to imagine it can be used in another way (candle, matchbox, and tacks).



A mental activity that consists of organizing information or beliefs into a series of steps to reach conclusions.


Practical Reasoning.

Figuring out what to do, or reasoning directed towards action.


Theoretical Reasoning.

Reasoning directed towards arriving at a belief.


Belief Bias.

People's judgements about whether to accept conclusions depends more on how believable the conclusions are than on whether the arguments are logically valid.


Syllogic Reasoning.

Determining whether a conclusion follows from two statements that are assumed tto be true.
Major Premise- All mortals die.
Minor Premise- All humans are mortals.
Conclusion- All humans die.


Belief-Laden Syllogism.

Syllogism provides opportunity to use knowledge to influence believability of conclusion.


Belief-Neutral Syllogism.

Syllogism did not provide opportunity to use knowledge to influence believability of conclusion.