Psychology Concepts and Biases

These flashcards cover key psychological concepts and biases discussed in the lecture, aiding in understanding and memorization for the exam.

What does the normative view of belief formation suggest?

People make rational assessments of probabilities based on all available information.

What heuristic relates to judging likelihoods based on ease of recall?

Availability heuristic.

What is overplacement?

Overly rosy views of personal abilities relative to others.

Why are individuals prone to optimism bias?

They seek happiness through anticipation utility.

What does the fundamental attribution error lead people to overestimate in others' decisions?

Personality influences.

What is the probability that the cab involved in the accident was Blue rather than Green under the given conditions?

80%.

Which hospital is expected to have more days of at least 60% boys born?

Hospital A, by the law of large numbers.

Why don't individuals with motivated beliefs quit their job thinking they'll win the lottery?

Motivated beliefs are tempered by how far away the belief is from the true rational belief.

What choice reflects your value function if considering a gamble with costs and gains?

.5v(50)+.5v(-10) as prospect theory is defined over gains and losses.

What error does John make when he attributes his employee's lateness to laziness?

The fundamental attribution error.

How does present bias differ from exponential discounting?

Present bias gives disproportionate weight to the immediate future.

What concept explains why people prefer Urn A over Urn B?

Ellsberg paradox.

What feature of prospect theory explains trying to win back losses in a casino?

Loss aversion.

What concept explains participants selecting a coconut-flavored drink after a beach scene?

Associative memory.

Why do owners resemble their dogs?

They have more positive expectations about familiar things.

What bias is exemplified by a person believing swimming is dangerous after hearing shark attack news?

Availability bias.

What diagnosis leads to overestimating the chances of a rare disease despite a positive test?

Representativeness or Diagnostic Expectations.

What is the optimism bias in relation to Lakers fans expectations?

Believing the Lakers are more likely to win the NBA championship than Vegas.

What bias does an employee show by providing an overly narrow delivery time frame?

Overprecision.

What explains a big alcohol fan's discomfort after reading a negative article about alcohol?

Cognitive dissonance.

What creates the perception that a second-priced menu item is a bargain?

Relative thinking.

What type of thinking fails to account for interconnected systems?

Partial equilibrium thinking.

What allows an athlete to remain optimistic by recalling only positive feedback?

Selective memory.

What bias explains why an observer thinks a fair coin is due for tails after multiple heads?

Law of small numbers or the gambler's fallacy.

What belief relates to expecting favorable outcomes rather than fearing unfavorable ones?

Trust.

What misconception does someone have about flipping a coin heads 550,000 times?

Non-belief in the law of large numbers.

What concept describes how giving someone a warm beverage influences their behavior?

Priming.

What phenomenon occurs when individuals insufficiently adjust their beliefs?

Anchoring.

What group behavior is illustrated by Regina George in Mean Girls?

Groupthink.

What response is due to cognitive constraints that lead to belief shifts?

Cognitive noise.

What term describes a student who is unsure about her first exam but confident for the future?

Horizon bias.

What concept reflects the pain of losing $100 compared to the pleasure of gaining $100?

Loss aversion.

What drives the happiness of donating anonymously for social causes?

Altruism/Social preferences.

What motivates a wealthy alum to give back to their university?

Positive reciprocity.

What adjustment period occurs after leaving a dark environment?

Efficient coding.

What utility feeling does Mark experience after selling his stock at a profit?

Realization utility.

What social influence causes Artie to conform his answer to the majority?

Conformity.

What cognitive error arises from overestimating a company’s future success based on limited positive data?

Law of small numbers and representativeness/diagnostic expectations.

What reaction occurs when an employee delays projects due to feeling unfairly criticized?

Negative reciprocity.

What bias leads Joanna to believe people in Texas are healthy after a brief visit?

Availability.