48 Questions
What is the main characteristic of thinking fast (System 1)?
It operates quickly with little effort
What is the impact of heuristics in decision making?
Allows us to make decisions quickly and efficiently
How do base rate frequencies (prior probabilities) influence judgments?
They reflect the state of the world and how often an event actually occurs
What is the characteristic of irrational behavior?
Subjective and emotional
What is the characteristic of thinking fast (System 1) decision making?
Operates quickly with little effort
What is the impact of heuristics in decision making?
Allows us to make decisions quickly and efficiently
What is the main characteristic of irrational behavior?
Subjective and emotional
How does insensitivity to prior probabilities and representativeness affect judgments?
Influences judgments by similarity to preconceptions
What do base rate frequencies (prior probabilities) reflect?
Probabilities that reflect how often an event or situation actually occurs
In decision making, when do we think slowly according to the text?
When making decisions that require careful consideration of complex factors
What is the characteristic of thinking slow (System 2) decision making?
Operates more slowly with more effort
How do System 1 biases and irrelevant information affect decision making?
Often sway quick judgments
What is the characteristic of psychological bias according to the text?
Psychological factors affect decision making
What does 'predictably irrational' refer to according to the text?
Our errors are systematic and reliable
System 1 decision making operates slowly, with more effort and more deliberate control
False
Heuristics are mental shortcuts we take as part of thinking fast (System 1)
True
Irrational behavior is objective and rational
False
Thinking fast allows us to make decisions quickly and efficiently
True
Insensitivity to prior probabilities and representativeness does not affect judgments
False
Base rate frequencies reflect the state of the world and how often an event or situation actually occurs
True
System 2 decision making operates quickly, with little effort and less control
False
Predictably irrational refers to errors that are systematic and reliable
True
System 1 biases and irrelevant information often sway our quick judgments
True
Irrational behavior is subjective and emotional
True
Match the following decision-making systems with their characteristics:
Thinking fast (System 1) = Operates quickly, with little effort and less control Thinking slow (System 2) = Operates more slowly, with more effort and more deliberate control Heuristics = Mental shortcuts we take as part of thinking fast (System 1) Insensitivity to Prior Probabilities and Representativeness = Influences judgments by similarity to a preconception
Match the following types of behavior with their characteristics:
Rational behavior = Objective and rational Irrational behavior = Subjective and emotional System 1 biases and irrelevant information = Sway our quick judgments System 2 decision making = Operates slowly, with more effort and more deliberate control
Match the following psychological concepts with their impact on decision making:
Predictably irrational = Refers to errors that are systematic and reliable Insensitivity to Prior Probabilities and Representativeness = Can lead to errors and bias us to ignore other information Heuristics = Allows us to make decisions quickly and efficiently Psychological bias = Affects our decision making based on psychological factors
Match the following concepts with their influence on judgments:
Base rate frequencies (prior probabilities) = Reflect the state of the world and how often an event or situation actually occurs Insensitivity to Prior Probabilities and Representativeness = Biases judgments by similarity to a preconception Heuristics = Mental shortcuts that affect quick decisions System 1 biases and irrelevant information = Sway our quick judgments
Thinking ______ (or System 1) refers to decision making that operates quickly, with little effort and less control
fast
Thinking ______ (or System 2) refers to decision making that operates more ______ly, with more effort and more deliberate control
slow
System 1 allows us to make decisions quickly and efficiently. But System 1 biases and irrelevant information often sway our quick judgments
heuristics
In decision making, we think slowly when we are making decisions that require careful consideration of complex factors
situation
Many judgments require us to estimate the probability that someone or something belongs to a certain category. Judgments are influenced by similarity to a preconception
representativeness
Base rate frequencies, or prior , are ______ that reflect the state of the world( that reflect how often an event or situation actually occurs)
probabilities
Insensitivity to prior probabilities and representativeness can lead to errors, biasing us to ______ other information that may be more objective or accurate
ignore
Predictably irrational refers to our ______ that are systematic and reliable
errors
Irrational behavior is ______ and emotional. Rational behavior is objective and rational
subjective
Psychological bias occurs when psychological ______ affect our decision making
factors
What are the main characteristics of thinking fast (System 1) and thinking slow (System 2) decision making?
System 1 refers to decision making that operates quickly, with little effort and less control. System 2 refers to decision making that operates more slowly, with more effort and more deliberate control.
How do heuristics impact decision making?
Heuristics are mental shortcuts we take as part of thinking fast (System 1), allowing us to make decisions quickly and efficiently. However, they can also lead to biases and irrelevant information that sway our quick judgments.
What is the influence of insensitivity to prior probabilities and representativeness on judgments?
Insensitivity to prior probabilities and representativeness can lead to errors, biasing us to ignore other information that may be more objective or accurate.
What is the impact of base rate frequencies (prior probabilities) on judgments?
Base rate frequencies reflect the state of the world and how often an event or situation actually occurs. They influence judgments by providing a probability that someone or something belongs to a certain category.
What is the characteristic of irrational behavior according to the text?
Irrational behavior is subjective and emotional, in contrast to rational behavior, which is objective and rational.
How do System 1 biases and irrelevant information affect decision making?
System 1 biases and irrelevant information often sway our quick judgments, leading to errors and subjective influences on decision making.
When do we think slowly in decision making according to the text?
We think slowly when making decisions that require careful consideration of complex factors, where more effort and deliberate control are needed.
What does 'predictably irrational' refer to according to the text?
'Predictably irrational' refers to our errors in decision making that are systematic and reliable.
What is the characteristic of psychological bias based on the text?
Psychological bias occurs when psychological factors affect our decision making, leading to subjective influences on judgments.
How do thinking fast (System 1) and thinking slow (System 2) complement each other depending on the situation?
We think fast (System 1) to make quick decisions that don’t require a lot of analysis, and we think slowly (System 2) when making decisions that require careful consideration of complex factors.
Test your knowledge of rational and irrational behavior, psychological biases, and decision-making processes with this quiz. Explore the concepts of predictably irrational, thinking fast and thinking slow to gain insights into how psychological factors influence decision-making.
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