Study Notes on Decision Making and Heuristics

Humans often do not make rational decisions at all times.
Decision-making can be influenced by cognitive shortcuts (heuristics) and biases.

Definition: Mental shortcuts that simplify decision-making processes.
They can aid in managing cognitive overload but may also lead to hasty and inaccurate judgments.
Common heuristics include:
- Availability Heuristic: Relying on easily recalled information to make decisions, potentially skewing perception based on recent events.
- Representativeness Heuristic: Making judgments about people or objects based on how closely they match a prototype or stereotype.
- Anchoring and Adjustment: Relying heavily on the first piece of information encountered (the anchor), which then biases subsequent judgments despite new evidence.

Biases are systematic errors in judgment that can arise from cognitive shortcuts.
They can lead to prejudices and discrimination.
Types include:
- Confirmation Bias: Focusing on and favoring information that confirms existing beliefs, while ignoring contradictory evidence.
- Fundamental Attribution Error: Attributing someone's behavior to their character rather than situational factors.
- Just World Hypothesis: The belief that the world is fair and people generally get what they deserve, leading to victim-blaming.

Awareness of biases is crucial in professional and academic contexts, particularly in sharing accurate information.
Reflect on personal decision-making processes and consider how biases and heuristics influence your perceptions and judgments.