Psyc 3110 1st Edition Lecture 19Outline of last lectureI. “Cognitive Errors”A. Availability HeuristicsB. Anchoring and AdjustingC. Gamblers FallacyII. Rational Models Outline of Current lectureIII. PrimingIV. FramingD. Risk Aversion E. Frame of ReferenceDual process of decision making - Intuitive and rational (system 1 and system 2)- Neither are ideal- We need both to function and make decisions“Priming”- Our behavior and thoughts are influenced by a category in our mindo Reading a series of words related to sleep can make people feel more tired then if they hadn’to Experiment was done that had participants sort a list of words and pick out words that were related to old age. The participants ended up walking slower outof the research center then they had walking in- Can influence our decisionso Study was done asking how much people would be willing to spend on travel insurance.o People were more willing to spend more money on the terrorist attack optionFraming- Can also influence our decisionThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Quote by franklin Roosevelt was interpreted in a positive way even though it was a quote from Hitler. - Relevant in risky decision makingo Would you rather receive 50$ or flip a coin and get 100$ for heads and nothing for tailso Most people choose option 1this is called risk aversion. People want a guarantee- What’s our frame of referenceo Going to a play and discover you lost 10 dollars would you pay for 10 for a ticketo You paid for the ticket but lose it would you pay 10 for another ticketo More people would pay for the ticket after loosing the ticketIntuition- Is greatly supported- Malcolm Gladwell is one of themo Wrote the book
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