Judgement and decision making

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6 Terms

1
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expected utility theory

psychological value can be placed onto things. We value a
gambling option less compared to a sure thing of winning money

2
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Prospect theory

reference points inform decision based on current situation

3
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How are decisions made according to the prospect theory?

based on gains vs. losses from what we have now

4
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loss aversion

people often try to avoid losses more than seeking gains

5
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diminishing sensitivity

as gamble vs sure thing amounts get higher, you are more likely to choose gamble (risk tolerant)

6
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Metacognition

thinking about thinking