Rational or intuitive thinking

Dual Process Model: The Dual-process model of human cognition postulates that decision-making can be described as a function of both an intuitive, experiential, affective system (System I) and/or an analytical, rational system (System II).

Intuitive thinking: going with one's first instinct and reaching decisions quickly based on automatic cognitive processes

Rational thinking: the ability to consider the relevant variables of a situation and to access, organize, and analyze relevant information (e.g., facts, opinions, judgments, and data) to arrive at a sound conclusion.

Tversky and Kahnemann

Aim: to test the influence of the anchoring bias on decision-making (An anchor is the first piece of information offered to someone who is asked to solve a problem or make a decision

Procedure:A sample of highschoolers were split into two groups \n \n Ascending: participants in this condition were asked to calculate the total of 1x2x-8 \n \n Descending: participants were asked to estimate the total of "8x7x6-1"

Findings:

• Median for ascending group was 512 and median for descending group was 2250 but actual value was 40320
• Anchor is smaller then so is final estimate (1x2 for ascending group) (8x7 for descending group)