Podcast
Questions and Answers
Which of the following pairs includes a film actor and a singer?
Which of the following pairs includes a film actor and a singer?
Identify the pair in List A that includes a writer and a politician.
Identify the pair in List A that includes a writer and a politician.
Which option consists of a director and a model?
Which option consists of a director and a model?
Which pair includes two actors?
Which pair includes two actors?
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Identify the pair in List B that features two singers.
Identify the pair in List B that features two singers.
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Which of the following pairs features a writer and a filmmaker?
Which of the following pairs features a writer and a filmmaker?
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Which option includes a politician and an actress?
Which option includes a politician and an actress?
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Which of the following pairs includes a novel writer and a sports figure?
Which of the following pairs includes a novel writer and a sports figure?
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What is the primary focus of the availability heuristic?
What is the primary focus of the availability heuristic?
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According to Tversky and Kahneman, what happens when people can easily think of examples related to a probability?
According to Tversky and Kahneman, what happens when people can easily think of examples related to a probability?
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What was a key finding from the research of Tversky and Kahneman regarding the letters K and R?
What was a key finding from the research of Tversky and Kahneman regarding the letters K and R?
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How does the availability heuristic affect people's judgment of unpleasant events?
How does the availability heuristic affect people's judgment of unpleasant events?
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What misconception might lead participants to believe certain letters occur more frequently as first letters?
What misconception might lead participants to believe certain letters occur more frequently as first letters?
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What factor influences the perception of politicians, as demonstrated in Haddock's study?
What factor influences the perception of politicians, as demonstrated in Haddock's study?
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What tends to happen when individuals cannot easily recall examples related to a given event?
What tends to happen when individuals cannot easily recall examples related to a given event?
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What does familiarity refer to in the context of judgment about social phenomena?
What does familiarity refer to in the context of judgment about social phenomena?
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Which of the following best describes an outcome of the availability heuristic?
Which of the following best describes an outcome of the availability heuristic?
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In the study by Kahneman and Tversky, what was indicated about participants' estimates of divorce rates?
In the study by Kahneman and Tversky, what was indicated about participants' estimates of divorce rates?
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Why might a list seem distorted when counting names in a specific category?
Why might a list seem distorted when counting names in a specific category?
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Why were politically interested participants less influenced by the availability heuristic in Haddock's study?
Why were politically interested participants less influenced by the availability heuristic in Haddock's study?
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What could lead a person to have an inflated perception of divorce rates?
What could lead a person to have an inflated perception of divorce rates?
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Which type of reasoning is likely to be affected by the availability heuristic?
Which type of reasoning is likely to be affected by the availability heuristic?
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How might recalling positive memories impact a person's outlook on events?
How might recalling positive memories impact a person's outlook on events?
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What is a consequence of relying heavily on the availability heuristic in judgment?
What is a consequence of relying heavily on the availability heuristic in judgment?
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Who were the researchers that identified the availability heuristic?
Who were the researchers that identified the availability heuristic?
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What role does recent memory play in shaping perceptions for individuals uninterested in politics?
What role does recent memory play in shaping perceptions for individuals uninterested in politics?
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Which of the following is an effect of the availability heuristic in general?
Which of the following is an effect of the availability heuristic in general?
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Why might someone underestimate divorce rates if they have little exposure to divorcees?
Why might someone underestimate divorce rates if they have little exposure to divorcees?
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What is the main factor causing the framing effect in decision-making?
What is the main factor causing the framing effect in decision-making?
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In the ‘Asian disease problem’, how many people are expected to be killed?
In the ‘Asian disease problem’, how many people are expected to be killed?
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Which programme offers a one-third probability of saving all 600 people?
Which programme offers a one-third probability of saving all 600 people?
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What is the outcome of Programme A as described in Problem 1?
What is the outcome of Programme A as described in Problem 1?
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In Problem 2, how is the outcome of Programme A phrased?
In Problem 2, how is the outcome of Programme A phrased?
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What is a key difference between the wording of the programmes in Problems 1 and 2?
What is a key difference between the wording of the programmes in Problems 1 and 2?
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Which of the following statements is true regarding Programme B in Problem 1?
Which of the following statements is true regarding Programme B in Problem 1?
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What psychological effect is illustrated by the ‘Asian disease problem’?
What psychological effect is illustrated by the ‘Asian disease problem’?
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Why might participants react differently to Problems 1 and 2 despite the same outcomes?
Why might participants react differently to Problems 1 and 2 despite the same outcomes?
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What kind of decision-making scenario is represented by the programmes in the Asian disease problem?
What kind of decision-making scenario is represented by the programmes in the Asian disease problem?
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What does hindsight bias lead people to believe after they learn the correct answer to a question?
What does hindsight bias lead people to believe after they learn the correct answer to a question?
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Which research method did Fischhoff (1977) use to study the impact of hindsight bias?
Which research method did Fischhoff (1977) use to study the impact of hindsight bias?
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What is the primary focus of the heuristics and biases approach introduced by Kahneman and Tversky?
What is the primary focus of the heuristics and biases approach introduced by Kahneman and Tversky?
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What phenomenon explains why people claim they 'knew that' after learning an answer?
What phenomenon explains why people claim they 'knew that' after learning an answer?
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How did the second group in Fischhoff's study differ from the first group?
How did the second group in Fischhoff's study differ from the first group?
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What aspect of human behavior is largely impacted by the first group's method of answering questions in the study?
What aspect of human behavior is largely impacted by the first group's method of answering questions in the study?
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During the last three decades, what has been a dominant aspect of judgment and decision-making research?
During the last three decades, what has been a dominant aspect of judgment and decision-making research?
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Study Notes
Decision-Making
- Human lives involve many daily choices, some trivial, others life-altering
- Decisions involve weighing costs and benefits, probabilities, personal desires, and beliefs
- Risk and reward are significant factors influencing decisions
- Tradition and emotional ties can influence choices
- Making decisions can be complex due to various factors, sometimes leading to conflicts
- Probability judgments affect decision-making, categorized as risk (known probabilities) and uncertainty (unknown probabilities)
Heuristics and Biases
- Making decisions often requires using short-cuts called heuristics
- Kahneman and Tversky developed the heuristics and biases approach to study decision-making errors and biases
- Representativeness heuristic: Judging a person, object, or event based on similarity to a prototype or stereotype, often ignoring base rates
- Availability heuristic: Relying on the ease of recalling information from memory to estimate probability, leading to overestimation of easily recalled events and underestimation of less easily recalled events
- Anchoring and adjustment heuristic: Relying on an initial value (anchor) as a starting point when making estimations, adjusting the anchor insufficiently, leading to inaccuracies
- Base rate fallacy: Ignoring the likelihood of an event occurring within a larger population (base rate)
- Conjunction fallacy: Believing that the conjunction of two events is more likely than either event occurring alone
- Simulation heuristic: Judging the likelihood of an event based on ease of imagining it, often leading to inaccurate judgements
- Hindsight bias: Increased confidence in the correctness of a prediction after the outcome is known
Other Factors Influencing Judgements
- Framing effect: How the presentation of a problem affects decision-making. For instance, wording a problem in terms of gains vs. losses will lead to different choices
- Overconfidence: Perceiving higher accuracy in one's decisions than is actually the case. The level of confidence may vary based on the type of question and gender
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Description
Explore the intricacies of decision-making, focusing on how human lives are influenced by various factors such as risk, tradition, and emotional ties. Delve into the heuristics and biases developed by Kahneman and Tversky that shape our choices, including representativeness and availability heuristics.
