History of Psychology - Psychological Testing Quiz

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Questions and Answers

What does the Expected Value (EV) represent in decision theory?

The maximum possible outcome in a decision scenario.

The average outcome based on probabilities and values. (correct)

The total utility derived from all possible outcomes.

The likelihood of achieving the best outcome.

In Expected Utility Theory (EUT), how is utility derived from outcomes?

By taking the logarithm of monetary values.

By summing all monetary values.

By applying a concave value function to outcomes. (correct)

By multiplying probabilities with the square of outcomes.

What does Prospect Theory (PT) emphasize in decision-making?

The independence of utility from value.

The linearity of value functions in all contexts.

Rational decision-making based on probability.

The influence of psychological biases on choices. (correct)

What distinguishes the value function in Prospect Theory compared to Expected Utility Theory?

It is typically concave, reflecting diminishing sensitivity. Signup and view all the answers

Given the example calculations, what is the Expected Value for the scenario with outcomes $100 and $0 weighted by probabilities 0.5 each?

$50 Signup and view all the answers

In the context of Expected Utility Theory, what would be the expected utility for outcomes $80 and $0 with probabilities 0.5 each?

40 Signup and view all the answers

What is a key finding of Prospect Theory in terms of decision-making under risk?

Losses are felt more intensely than equivalent gains. Signup and view all the answers

How do Expected Value and Expected Utility differ fundamentally in their approach to decision-making?

EV ignores risk while EU incorporates risk preferences. Signup and view all the answers

What principle does Expected Value Theory (EVT) primarily rely on for rational decision-making?

Maximizing expected value Signup and view all the answers

Which theory replaces the concept of expected value with expected utility to address its limitations?

Expected Utility Theory Signup and view all the answers

Which paradox was addressed by incorporating expected utility into decision-making frameworks?

St. Petersburg Paradox Signup and view all the answers

What year did Daniel Bernoulli publish his work that laid the foundation for Expected Utility Theory?

1738 Signup and view all the answers

In Expected Utility Theory, what does the utility of an outcome represent?

The subjective value assigned to the outcome Signup and view all the answers

Which of the following is NOT an axiom of Expected Utility Theory?

Risk Aversion Signup and view all the answers

What insight does Prospect Theory (PT) primarily offer in contrast to EUT?

It recognizes behavioral biases in real-world choices. Signup and view all the answers

What does Expected Utility Theory argue regarding the significance of wealth to different individuals?

A gain is more significant to a poorer individual than to a rich one. Signup and view all the answers

What is a key limitation of Expected Value Theory in real-world scenarios?

It assumes individuals always maximize expected value. Signup and view all the answers

What fundamental assumption underlies the concept of Expected Utility in EUT?

Decision-makers are rational agents. Signup and view all the answers

What is the primary distinction between Expected Value Theory (EVT) and Expected Utility Theory (EUT)?

EUT considers subjective utility, whereas EVT does not. Signup and view all the answers

In Prospect Theory, how is the value function characterized for gains?

It is concave. Signup and view all the answers

Which of the following correctly describes a key feature of the Expected Utility Theory (EUT)?

Applies concave utility functions for outcomes. Signup and view all the answers

How is Expected Value (EV) calculated with two options when p1 is the probability of the first outcome and x1 is its value?

$EV = p1x1 + p2x2$ where $p2 = 1 - p1$ Signup and view all the answers

What phenomenon did Maurice Allais highlight in his critique of EUT?

Independence paradox. Signup and view all the answers

Which of the following best describes the function of 'w(p)' in Prospect Theory?

It represents the weighting of probabilities observed in decision-making. Signup and view all the answers

What aspect of decision-making does Prospect Theory primarily focus on?

Descriptive accounts of how people make choices under uncertainty. Signup and view all the answers

What is represented by the concave shape of the utility function 'u(x)' in Expected Utility Theory?

Diminishing marginal utility of wealth. Signup and view all the answers

How does Expected Value Theory determine optimal decision-making?

By choosing the option with maximum expected return. Signup and view all the answers

Which historical figure is notably associated with the development of the Expected Utility Theory?

Daniel Bernoulli Signup and view all the answers

What interpretation does Prospect Theory provide regarding how people perceive gains and losses?

Losses are valued more heavily than an equivalent amount of gains. Signup and view all the answers

What does the term 'value function' imply within the context of Prospect Theory?

It indicates the subjective value of outcomes rather than their objective value. Signup and view all the answers

Which statement describes the 'normative origins' of Expected Value Theory?

It endeavored to provide a mathematical framework for rational decision-making. Signup and view all the answers

What is a critical criticism of EUT revealed by behavioral insights?

It often fails to explain deviations from expected behavior. Signup and view all the answers

Study Notes

Course Evaluation

Complete the course evaluation for History of Psychology within 5 minutes
Results will be discussed next week

Session Information

Sessions are on Mondays, 8:15-9:45, in the Chemie, Organische, Grosser Hörsaal OC
Course schedule includes topics like Introduction, Pre-psychology, The birth of psychology, Psychoanalysis, Behaviorism, Gestalt psychology, Cognitive psychology, Psychology today, Psychotherapy research, Psychological testing, Decision science, and What kind of science is psychology?
Instructors for different sessions are Tisdall and Mata

Agenda

Mock exam solutions, questions due Friday (December 6) via ADAM, discussion during December 9 session
Recap of Psychological Testing (15 minutes)
Decision Science (60 minutes)

Recap: History of Psychology - Session 10

Topic: Psychological Testing
Instructor: Loreen Tisdall
Date: November 25, 2024

Psychological Testing and Psychometrics: Four Phases and Major Events

Divided into four phases (1880s-1890s, 1900s-1910s, 1920s-1940s, 1950s-present)
Each phase has key events like publication of texts by Francis Galton, James McKeen Cattell, Karl Pearson, and others leading to the development and standardization of psychological tests
Includes development of scales, tests, and psychometric methods.

Wechsler Intelligence Scales

Developed by David Wechsler
Multiple versions (WAIS, WISC, WPPSI-IV)
Involves point scales rather than chronological age scales
Designed to capture different latent constructs of intelligence
Aligns with Cattell-Horn-Carroll three-stratum model of intelligence

Behavioral Genetics

Summary of 111 studies on familial resemblances in intelligence
Correlational patterns consistent with a polygenic mode of inheritance
High heterogeneity in correlations within familial groupings
No clear moderation by sex or type of intelligence test

25-Point Consensus on Intelligence and Testing

Intelligence is defined as a general mental capability, encompassing reasoning, planning, problem-solving, abstract thinking, learning, and learning from experience.
Intelligence tests are accurate, measuring cognitive abilities, not personality or creativity.

More Consensus on Intelligence and Testing

Mental tests have predictive validity
Correlations between general mental ability (GMA) scores and job performance are significant.

Summary (Psychological Testing)

Testing initially driven by eugenics and objective measurement, with a focus on theory and application in real-world problems
Measurement standardization, standardization of scoring, component distinctions (e.g., verbal vs. non-verbal), norms for different ages, and development of statistical methods are key to developing tests
Conceptual issues focus on agreement on theoretical and biological bases, and environmental factors are considered
Main applications include personnel selection and job performance, academic achievement.

History of Psychology - Session 11

Topic: Decision Science
Instructor: Loreen Tisdall
Date: December 2, 2024

Learning Objectives for Today

Utility as an important concept in psychology and economics
Key differences between models of choice under uncertainty

Your Turn!

What is the main aim of decision science?
What disciplines inform decision science?
What relevance does decision science have?
One-minute discussion.

Decision Science: Useful Terminology

Field that studies how decisions, optimally and actually, are made and how to bridge the two
A multidisciplinary field with input from various disciplines, including psychology, engineering, economics, mathematics, philosophy, and statistics
Critical concepts include decision-making under uncertainty: distinguishing risk and Knightian uncertainty, along with deviations from rational models, heuristics, and biases.

Normative, Descriptive, and Prescriptive Models

Normative models describe optimal decision-making by ideal agents.
Descriptive models elucidate how human beings actually make decisions, accounting for biases and heuristics.
Prescriptive models aim to improve decisions by integrating normative and descriptive insights.

From Normative to Descriptive Models

Transition from normative (ideal) models to descriptive (realistic) models: Expected Value Theory, Expected Utility Theory, and Prospect Theory.
Explaining the development of models

Integration of Value and Probability

Examining the intersection of value and probability in different choice models: EVT, EUT, and PT

Repeated Choices in Lotteries

Example of a choice design using lotteries

Summary (Decision Science)

Utility is a subjective value central to decision science, with models explaining choices under uncertainty, like Expected Value Theory (EVT), Expected Utility Theory (EUT), and Prospect Theory (PT).

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Description

Test your knowledge on Psychological Testing as part of the History of Psychology course. This quiz covers key concepts and events discussed in the session led by Loreen Tisdall on November 25, 2024. Prepare for an engaging recap of psychological testing and related discussions.