Judgment and Decision Making - PSYC 363

Flashcards covering key concepts in judgment and decision making, with a focus on similarity and difference judgments, heuristics, and models of decision making.

Similarity Judgments

Assessing how alike two things are based on shared features.

Difference Judgments

Identifying distinctive characteristics that set two entities apart.

Venn Diagrams

A visual tool used to show the relationships between different sets, highlighting common and distinct features.

Contrast Model

A model used to evaluate similarity based on the salience of various features.

Asymmetrical Similarity Judgments

When similarity is judged differently depending on the order of comparison.

Normative Approach

A prescriptive method for determining probability based on counting outcomes.

Representativeness Heuristic

A mental shortcut used to assess the likelihood of an event based on how much it resembles typical cases.

Gambler's Fallacy

The mistaken belief that past random events affect the probabilities in future random events.

Base-Rate Neglect

Failing to consider the underlying probabilities when making judgments about specific cases.

Conjunction Fallacy

The error of assuming that specific conditions are more probable than a single general one.

Accessibility Heuristic

Overestimating the frequency of events based on how easily examples come to mind.

Loss Aversion

The principle that losses weigh heavier on people's decision-making than equivalent gains.

Pseudocertainty Effect

People prefer certain outcomes over probabilistic ones, even if the probabilistic option has a higher expected value.

Status Quo Bias

The preference for the current state of affairs, leading to resistance to change.

Endowment Effect

The tendency for people to value items more highly simply because they own them.