Class Notes - 10-24-07

Class Notes - 10-24-07 - Psychology Class Notes 10/24/07...

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Psychology – Class Notes – 10/24/07 BARRIERS TO RATIONAL REASONING Heuristics are simple rules Biases Fairness, hindsight THE FAIRNESS BIAS Herbert Simon – Won Nobel Prize in Economics – How people make decisions based on the economics of profit – take home point was that a huge barrier to our rational thinking is our preoccupation with fairness. He found lended credence to the notion that people fairness – The Ultimate Game – tell a person that their partner gets $10 (who is invisible) and the partner will give them the money. If you reject it, neither person gets money. Preoccupation with fairness will lead people to reject - inefficiency – preoccupied with fairness is inhibiting efficiency. Hindsight Bias Tendency to misconstruct when we remember CONFIRMATION BIAS Cognitive strategy to increase future performance by considering everything relevant - makes sense to find out what you did right the first time and use the first strategy the next time – can be bad if the first strategy wasn’t right in the first
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This note was uploaded on 04/15/2008 for the course PSYCH 105 taught by Professor Sarahconklin during the Fall '07 term at Allegheny.

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Class Notes - 10-24-07 - Psychology Class Notes 10/24/07...

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