PSYC213 MARCH 11th CLASS NOTES

PSYC213 MARCH 11th CLASS NOTES - PSYC213 March 11th 2008...

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PSYC213 March 11 th 2008 Class Notes Judgment and Decision-Making - Making decisions is difficult because usually they’re made in the face of a certain amount of uncertainty : when information isn’t available - Cognitive illusions cause of errors in decision-making Dollar Auction Game One person and two volunteers, $20 bill is auctioned off between two people – these two people aren’t allowed to talk to each other. First person gets money from both peoples’ last bids. Stages: - eager to begin, confidence - keep thinking they’re going to win - $9 - $10 - $ 11 bids Under twenty, feel like they’re going to make a few dollars - $18- $19 bids Will make a few dollars - $20-$21-$22 bids Punishment : bidding goes up - Can go up into the hundreds of dollars ($199-$200) 3 specific stages: -I’m going to win! I want to limit my losses I have to save face or punish opponent - Gender differences (style?) Men vs. men: aggressive, competitive, will keep going Women vs. women: one will give up fairly early Mixed: Man will be chivalrous and leave it to the women Mixed but majority women: Men acutely aware of women watching them, face-saving - Cognitive Psychology – the study of the way people do things in general – look for general characteristics/ principles that holds across people
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In many cases, humans make decisions that are not logical, and not optimal Why is decision making hard? Uncertainty about: -outcome -quality of information -quantity of information -regret -social comparison (everyone is same boat vs. singling out) – you’ll put up with stuff of everyone is putting up with it ex: salary, relationships, etc. -saving face
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PSYC213 MARCH 11th CLASS NOTES - PSYC213 March 11th 2008...

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