JDMA kk
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57 questions
| 🇬🇧 | 🇬🇧 |
| Heuristics | Mental shortcuts to find adequate imperfect answers to difficult questions |
| Planning fallacy | Underestimating the probability that at least somethings will go wrong overestimate the probability of conjunctive events underestimate the probability of disjunctive events |
| Normative decision making | How people should make judgments and decisions |
| Normative decision making | How people should make judgments and decisions |
| Utility | Whatever is maximized |
| Planning fallacy | Underestimating the probability that at least somethings will go wrong overestimate the probability of conjunctive events underestimate the probability of disjunctive events |
| Descriptive decision making | How people actually make judgments and decisions |
| Descriptive decision making | How people actually make judgments and decisions |
| Prospect theory | Gains and losses are evaluated differently based on risk and uncertainty |
| Prescriptive decision making | Practical suggestions on designing judgment and decision making processes based on normative and descriptive models |
| Prescriptive decision making | Practical suggestions on designing judgment and decision making processes based on normative and descriptive models |
| Ambiguity aversion | Willing to pay less for a vague choice than for a clear choice |
| System 1 | Fast intuitive system of decision making |
| System 1 | Fast intuitive system of decision making |
| Framing | Presenting something as a gain or a loss |
| Mental accounting | Different accounts for different purposes. Gains and losses feel different depending on which account it is booked |
| Reality of decision making | Only use a subset of available information in a biased way |
| System 2 | Slow effortful system of decision making |
| System 2 | Slow effortful system of decision making |
| Representativeness consists of | Insensitivity to base rates: we tend to ignore priors insensitivity to sample size: fail to appreciate the importance of sample size |
| Cognitive dissonance | Mental discomfort when our actions don't match our beliefs |
| Cognitive dissonance | Mental discomfort when our actions don't match our beliefs |
| Pattern recognition | Focus on cause effect stories where chance and randomness are easily overlooked |
| Heuristics | Mental shortcuts to find adequate imperfect answers to difficult questions |
| Regression to the mean | Numbers tend to their long term average |
| Utility | Whatever is maximized |
| Motivated reasoning | Unconsciously favor information that supports our pre existing beliefs rather than contradicting information to arrive at our desired outcome |
| Prospect theory | Gains and losses are evaluated differently based on risk and uncertainty |
| Decision crossover effect | Future promotion decisions are based on current performance evaluations |
| Ambiguity aversion | Willing to pay less for a vague choice than for a clear choice |
| Moral disengagement theory | People use common moral standards to control their actions and avoid breaking these rules |
| Loss aversion | We rather avoid a loss over receiving the same size gain |
| Loss aversion | Rather avoid a loss over receiving the same size gain |
| Elastic justification theory | How people stretch their reasoning to justify their decisions or actions to themselves and others |
| Endowment effect | We attach a higher value to something that we own than what we don't own |
| Endowment effect | We attach a higher value to something that we own than what we don't own |
| Risk aversion (different from risk averse) | We prefer a certain gain over a larger gain with more risk |
| Framing | The way information is presented influences judgments and decisions |
| Status quo bias | The tendency to maintain the current situation |
| Mental accounting | Different accounts for different purposes. Gains and losses feel different depending on which account it is booked |
| Sunk cost fallacy | Justify investment despite evidence suggesting that continuing will outweigh the expected benefit |
| Reality of decision making | Only use a subset of available information in a biased way |
| Escalation of commitment | Rationalizing decisions when faced with increasingly negative outcomes rather than altering course |
| Representativeness consists of | Insensitivity to base rates: we tend to ignore priors insensitivity to sample size: fail to appreciate the importance of sample size" |
| Social norms | Rules and standards that are understood by members of a group without force of law |
| Pattern recognition | Focus on cause effect stories where chance and randomness are easily overlooked |
| Sacred values | No one is harmed but it feels wrong |
| Regression to the mean | Numbers tend to their long term average |
| Motivated blindness | Deliberately looking the other way when someone does an immoral action that benefits us |
| Motivated reasoning | Unconsciously favor information that supports our pre existing beliefs rather than contradicting information to arrive at our desired outcome |
| Moral cleansing | Compensate bad behavior with good behavior to restore self image |
| Planning fallacy | Underestimating the probability that at least somethings will go wrong overestimate the probability of conjunctive events underestimate the probability of disjunctive events |
| Planning fallacy | Underestimating the probability that at least somethings will go wrong overestimate the probability of conjunctive events underestimate the probability of disjunctive events |
| Moral licensing | Using good behavior from the past by allowing bad behavior now |
| Decision crossover effect | Future promotion decisions are based on current performance evaluations |
| Availability heuristic | Things that come to mind easier are judged as more likely |
| Moral disengagement theory | People use common moral standards to control their actions and avoid breaking these rules |
| Confirmation heuristic | Judgments are influenced by what we expect |
| Elastic justification theory | How people stretch their reasoning to justify their decisions or actions to themselves and others |
| Representativeness | Judgments are influenced by what it typical for its category |
| Risk aversion (different from risk averse) | We prefer a certain gain over a larger gain with more risk |
| Affect | Judgments are influenced by our mental state |
| Expectation gap | Differences between the interpretation and the openness to other possible explanations |
| Risk neutral | Utility increases proportionally with wealth. Decisions are indifferent to risk |
| Increased pupillary response | Increased arousal which causes greater attention and cognitive processing |
| Risk averse | Utility increases with wealth at a decreasing rate |
| Over optimism | Individuals believe they have greater control over uncertain events |
| Risk seeking | Utility increases with wealth at an increasing rate |
| Miscalibration | Individuals underestimating the variance of uncertain outcomes and set distribution too narrow |
| Overprecision | We feel too certain about our accuracy in our judgments and decisions |
| Social comparison | Compare own performance with someone else's |
| Overestimation | We tend to think we are better than we actually are |
| Overplacement | We falsely tend to think we are better than others in certain aspects |
| Bounded awareness | Overlooking important information when making decisions because our focus is limited by cognitive constraints |
| Bounded rationality | Making irrational decisions that are good enough due to cognitive limitations |
| Bounded ethicality | Cognitive constraints fools us to act in our self interest to make unethical decisions |
| Social preference | Preferences about the outcome of other people |
| Status quo bias | The tendency to maintain the current situation |
| Affect | Judgments are influenced by our mental state |
| Bounded ethicality | Cognitive restraints fools us to act in our self interest to make unethical decisions |
| Status quo bias | The tendency to maintain the current situation |
| Sunk cost fallacy | Justify investment despite evidence suggesting that continuing outweighs the expected benefit |
| Risk neutral | Utility increases proportionally with wealth. Decisions are indifferent to risk |
| Bounded ethicality | Cognitive restraints fools us to act in our self interest to make unethical decisions |
| Sunk cost fallacy | Justify investment despite evidence suggesting that continuing outweighs the expected benefit |
| Escalation of commitment | Rationalizing decisions when faced with increasingly negative outcomes rather than altering course |
| Risk averse | Utility increases with wealth but at a decreasing rate |
| Escalation of commitment | Rationalizing decisions when faced with increasingly negative outcomes rather than altering course |
| Social norms | Rules and standards that are understood by members of a group without force of law |
| Overprecision | We feel too certain about our accuracy in our judgments and decisions |
| Social norms | Rules and standards that are understood by members of a group without force of law |
| Sacred values | No one is harmed but it feels wrong |
| Overestimation | We tend to think we are better than we actually are |
| Sacred values | No one is harmed but it feels wrong |
| Motivated blindness | Deliberately look the other way when someone does an immoral action that benefits us |
| Overplacement | We falsely tend to think we are better than others in certain aspects |
| Motivated blindness | Deliberately look the other way when someone does an immoral action that benefits us |
| Moral cleansing | Compensate bad behavior with good behavior to restore self image |
| Bounded awareness | Overlook important information when making decisions because our focus is limited by cognitive constraints |
| Moral cleansing | Compensate bad behavior with good behavior to restore self image |