Decision Making PSY 311

Flashcards covering key vocabulary and concepts from decision-making theories and models discussed in PSY 311.

Types of Decisions

Refers to the different categories of choices people make, such as what to wear or where to live.

Introspection

The examination of one's own thoughts and feelings, especially as applied in decision-making strategies.

Compensatory Models

Decision-making models that allow positive attributes to compensate for negative ones.

Additive Model

A model that assigns values to each attribute, summing the values for each option to help in decision making.

Noncompensatory Models

Models that reject alternatives based on negative attributes and do not allow compensating positive attributes.

Elimination by Aspects

A decision-making strategy where alternatives are evaluated one attribute at a time, rejecting those that do not meet the minimum requirement.

Conjunctive Model

A noncompensatory decision-making model that evaluates one alternative at a time and rejects it if any attribute does not meet the minimum.

Satisficing Search

A process of selecting the first alternative that meets all minimum criteria rather than seeking the optimal solution.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Representativeness Heuristic

A cognitive bias where people estimate the likelihood of an event based on how similar it is to a prototype.

Risk-Aversion

A tendency to prefer certainty over uncertainty, particularly in financial decisions, even when the expected outcomes are statistically equivalent.

Normative Model

A model in decision-making that aims to identify the best or ideal choice using rationality and logic.

Expected Utility

A calculation of the weighted average of all possible outcomes, used to determine the best choice under uncertainty.

Dual Process Model

A model that describes two types of thinking: an intuitive, emotional system and a more deliberative, logical system.