Understanding Decision Making and Intelligence

These flashcards cover critical concepts related to decision-making processes, biases, intelligence, and the implications of reasoning in various contexts.

Gambler's Fallacy

The belief that the odds of a chance event increase if the event hasn't occurred recently.

Loss Aversion

A phenomenon where losses loom larger than gains of equal size.

Framing Effects

How decisions are posed or how choices are structured can influence perceptions of probabilities.

Heuristics

Mental shortcuts or rules of thumb used for problem-solving and decision-making.

Availability Heuristic

Estimating the likelihood of events based on how easily examples come to mind.

Representativeness Heuristic

Estimating the likelihood of events based on how similar they are to typical prototypes.

Optimism Bias

The tendency to overestimate the likelihood of positive outcomes and underestimate negative ones.

Cognitive Flexibility

The ability to adapt one's thinking to new and unexpected conditions.

Bilingualism

The ability to speak and understand two languages, often associated with cognitive advantages.

Linguistic Relativity Hypothesis

The theory that language shapes the nature of one's thought processes.

Bounded Rationality

A theory that suggests people make decisions based on limited information and cognitive constraints.

Critical Thinking Skills

Skills that help in recognizing biases and improving decision-making, such as understanding heuristics and framing effects.

Twins Studies

Research that shows similarities in intelligence between identical twins, indicating hereditary influence.

Environmental Influence

The impact of surroundings and experiences on an individual's intelligence or behavior.

Heritability Ratio

An estimate of the proportion of variability in a trait that can be attributed to genetic differences within a population.

Creativity

The ability to produce novel and valuable ideas, which is not always linked with intelligence.

Cognitive Reserve

The brain's ability to improvise and find alternate ways of getting a job done.